Gold has now broken below the $5,000 mark, indicating further weakness. Short-term resistance levels to watch are the early morning high of $5,030, and the $5,055 and $5,065 areas. Below these levels, the downtrend will continue. Technically, the daily chart shows three consecutive bearish days, breaking below the Bollinger Band middle line support, and the moving averages are also trending downwards. Therefore, the daily chart is currently extremely weak. If it continues to decline this week, it may test the lower Bollinger Band support at $4,900, or even lower at $4,850. Furthermore, the H4 chart shows the Bollinger Bands widening downwards, and the continuous decline has created strong resistance from the moving averages. Therefore, given the weakness at the beginning of this week, for a reversal to occur, we must first see if the $5,070-$5,120 resistance level is broken. Pay particular attention to whether a firm hold above $5,120 is needed to determine a clear shift in strength.

Overall, the market is currently in a medium-term downtrend. A continued decline could see prices reach $4900 and $4850, while a reversal could target $5070 and $5120.

Gold Trading Strategy: Watch for resistance in the $5030-$5060 area. Consider buying on a reversal to the $4930-$4910 range.

The key to success lies in consistently paying attention to detailed and accurate trading signals or real-time comments. These traders have maintained a winning streak.

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