GOLD: The Rapid Momentum of the One-sided Decline has Slowed
$Gold - main 2608(GCmain)$$XAU/USD(XAUUSD.FOREX)$
Gold on the H1 timeframe is currently finding short-term support in the 3970–3975 range and is undergoing a corrective consolidation phase following an oversold condition. Price: The latest price is 3988.
Based on current performance, the price has reached a high of 40086 and a low of 3970.80, 3,970–3,975 is the critical support level for the current uptrend
Candlestick Patterns: Following a series of sharp declines marked by large bearish candles, the most recent H1 candlesticks have alternated between red and green, forming doji and small-bodied patterns with relatively long lower shadows. This indicates that some bullish capital is beginning to step in at lower levels, or that short sellers are closing out positions after realizing profits; the rapid momentum of the one-sided decline has slowed.
First Resistance Level (4,000–4,008): Today’s rebound high of 4,008.63 coincides with the point of bullish exhaustion just above the psychologically significant $4,000 threshold. Unless the H1 chart closes firmly above 4,008 with a solid body, any rebound will be considered a weak correction.
Core support below (3,970): This is today’s low and currently serves as the “iron-clad floor.” If 3,970 is breached, the downside will be fully exposed, pointing directly toward 3,950 or even lower.
In terms of trading strategy, continue to focus primarily on sell positions!
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