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Hua Zai on the Market Thursday Morning Gold Outlook
Gold remains under pressure at high levels, clearly trending downward!
Recently, risk aversion has diminished, gold prices struggle to rally, and rebounds remain weak. The daily chart shows a bearish close, and the overall bearish structure is fully formed. All short-term rebounds are just trap rallies for correction, with no reversal signals.
Trading suggestions:
Only go short during intraday trading, never bottom-fish!
Short directly at 4690-4700 on rebound
First target at 4660-4640, and continue downward if support breaks!
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