12.5 Morning Gold Price Analysis:
Mainly short on rebounds, beware of breaking the range
Gold is currently caught in a narrow fluctuation, but the bearish signals have gradually become clear: after the Bollinger Bands contracted, the upper band continued to press down, and the price retreated after reaching 4209, failing to recover the key resistance level, and during the fluctuation process, the bullish momentum continued to decline; although the MACD indicator shows shrinking green bars, it has not yet formed a golden cross reversal signal, coupled with the pressure from the strengthening dollar in the short term, the previous buying support is only weak support, and the probability of breaking the fluctuation range and falling back to the lower band of the Bollinger Bands has significantly increased.
Recommendation: Short on rebounds
4205-4210 Lightly position short orders
Stop loss 4220
Target range: First target 4195, second target 4185 for partial profit taking