$BTC # Gold Market Outlook: Short-term Main Decline but the Decline Process Will Fluctuate

There is no need to worry about gold weakening at this point; it is far from the stage of being "cooled down." Previously, I judged that gold showed signs of a peak and pullback, but the recent obvious washout trend is enough to indicate that even if a decline truly begins, the process will oscillate back and forth and will not exhibit a smooth downward trend. Whether in the first round of rise or fall, the speed is often very fast, but the trend's continuity is extremely poor, making it easy to stall midway.

Currently, the support for gold is not only at the 4180 level; the short-term trend line support I provided at 4175 also has supportive strength, and the price at noon just happens to touch this position. While it is possible to participate in the bullish position with a light position at this time, one must not be greedy and certainly must not view this as the bottom for gold. The rebound after the morning's decline has failed to break through the 4200 level, which is enough to confirm the core rhythm of the current market being a main decline with a secondary rise.

From an operational perspective, I will not participate in the current first phase rebound, as the price has reached 4194, and the profit space for further bullishness is quite limited. From a technical standpoint, this wave of decline has already shown the embryonic form of a head and shoulders top, and the right side of the head and shoulders top is currently in the first phase of decline. According to conventional technical trend analysis, there is a high probability of a second stage of decline to follow. However, the current trend line support is relatively strong, and whether or not a second stage of decline occurs will depend heavily on the breakthrough situation of 4202, which is the conversion point of the first wave of decline in the morning; this price level will become an important verification node. #币安区块链周