Spot gold (XAUUSD) technical analysis: bulls take a breather, oscillation adjustment pattern emerges
1. Trend orientation and moving average arrangement
Currently, spot gold is in a phase of retracement within a bullish trend, and the moving average system shows a clear divergence: the 5-day moving average (MA5:4219.92) and the 10-day moving average (MA10:4226.03) have both turned downwards, while the 20-day moving average (MA20:4234.31) still maintains an upward slope. This divergence between short-term and medium-to-long-term moving averages intuitively reflects the stage-wise weakening of bullish momentum, as the market temporarily deviates from the previous one-sided upward rhythm and enters a phase of oscillation and consolidation.
Two, Bollinger Bands Signal: Interval Switch in Converging Pattern
The Bollinger Bands indicator shows a converging trend, with the upper band (UP:4257.87), middle band (MID:4234.31), and lower band (LOW:4210.76) gradually narrowing. The current price (4222.91) has fallen below the middle band. This change indicates that the previous strong operating range has been broken, and the short-term market has shifted from 'strong upward attack' to 'weak oscillation' mode, with the focus of the long-short game noticeably shifting downwards compared to before. Interval fluctuations will become the dominant rhythm in the short term.
Three, MACD Indicator: Bearish Momentum Dominates Phase Trend
The MACD indicator has issued a clear short-term adjustment signal: DIF (-0.44499) and DEA (3.14877) formed a death cross and continued to diverge downwards, with the green energy bars continually expanding, and DIF has approached and touched the critical zero-axis area. This pattern indicates that bearish momentum is currently in a dominant position, and the previously accumulated bullish strength has temporarily entered a retreat period, while short-term downward pressure is still being released.
Four, Price Structure and Momentum Logic
From the candlestick pattern perspective, a typical adjustment structure of 'highs followed by pullbacks + stepwise declines' has recently emerged: the previous high of 4264.62 formed a strong resistance level, after which the highs and lows of the price moved down synchronously, gradually constructing a short-term descending channel. Combined with momentum performance, the expansion of the MACD green energy bars and the price decline reflect a positive correspondence, indicating that the initiative of bearish funds entering the market continues to strengthen, and the short-term adjustment trend has strong continuity.
Five, Key Support and Resistance Reference
• Resistance level: The primary focus is on the middle band of the Bollinger Bands at 4234.31 (which coincides with the 20-day moving average, forming double resistance), followed by the 10-day moving average at 4226.03. If it cannot break through, the short-term rebound space will be limited;
• Support level: Core support is concentrated near the lower band of the Bollinger Bands at 4210.76, which resonates with the previous oscillation platform support at 4210, making it a key defensive level for short-term adjustments.
In summary, the current technical aspect of spot gold has clearly entered a phase of bullish trend adjustment. Short-term moving averages are turning down, MACD shows a death cross divergence, and prices have broken below the middle band of the Bollinger Bands, forming multiple signals that resonate and validate the market's adjustment demand. Moving forward, it is crucial to focus on the defensive effect of the support zone at 4210-4210.76. If the support is effective, it may trigger a technical rebound; if it breaks down, it may open up further downward potential #黄金
