Short selling gold | Gold prices continue to face downward pressure, with technical and fundamental factors resonating negatively

According to Hyperliquid data, GOLD/USDC perpetual is at $4633.7, down about 1.71% for the day. From the high point of around 5464 at the beginning of the year, the price has fallen sharply by more than 15%. Currently, the price is running below multiple moving averages, and the MACD maintains a dead cross, showing a second downward trend after a low-level oscillation. Technical aspect: Gold has been fluctuating and falling since its high point, with a minimum of 4123.2 before rebounding, but the strength is limited. Recently, it has formed lower highs and lows, and the bearish structure is complete. The long-term moving average is significantly suppressed, and the probability of rebound encountering obstacles and falling back is high. Fundamentals and News: The US dollar index remains at a high level around 98.5, with real returns rising due to rising inflation expectations, increasing the opportunity cost of holding interest free gold. The stalemate in the US Iran negotiations, coupled with geopolitical risks pushing up oil prices and inflation concerns, has instead strengthened the Federal Reserve's expectation of "higher and longer" interest rates. This week's FOMC meeting is likely to keep interest rates unchanged, and the market is further revising down the number of interest rate cuts for 2026, with hawkish signals continuing to suppress gold prices. Trading viewpoint: The resonance of technical trends and negative fundamentals is suitable for short selling gold. Risk Warning: The views, conclusions, and recommendations presented in this article are for reference only and do not constitute investment advice. The market is risky, and investment needs to be cautious.