Tuesday Gold Briefing

After gold has undergone multiple rounds of converging triangle consolidation, today it reaches a critical decision point for direction. With the price pressured and falling back near the lower trendline of the triangle around 4660, a downward break has been confirmed, and the downtrend is now formally in control.

From a technical perspective, the converging triangle is a continuation consolidation pattern. After a breakdown, it is highly likely to extend the prior trend’s weakening. With the breakdown already effectively confirmed, any rebounds should be treated as opportunities to set up short positions.

In terms of trading, prioritize shorting rallies. Place short orders in the 4658-4660 range on the way up, targeting 4610, 4570, and 4500 in sequence

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