Gold prices surged yesterday before experiencing a sustained retreat, with the U.S. session showing notably weak rebound momentum. Ultimately failing to recover lost ground, the short-term bullish strength has waned, turning bearish. Further downward exploration appears likely. Analyst Weng Fuhao recommends initiating short positions at 3350-3355 during the morning session.
Technically, the 30-minute chart has formed a double-top pattern. Though prices found support twice at 3353 during yesterday's daytime session, evening trading saw a significant volume breakdown below this critical level without recovery, signaling substantially weakened bullish momentum. The 30-minute moving averages have now turned downward; should a death cross pattern form subsequently, bearish momentum could accelerate.
Should this morning's rebound face resistance at 3353, it presents another opportunity to enter short positions. Investors should closely monitor news-driven impacts: if risk aversion intensifies and prices stabilize above 3353 support, bulls may regain strength. Conversely, a decisive break below the 3340 support would extend the downward trajectory.
**Trading Strategy** 1. Execute short positions near 3350-3355 - Stop loss: 3363 - Targets: 3340-3330
*Investment carries inherent risks; strategies should be implemented with strict risk management protocols.*