Shorting Gold | Gold Prices Continue to Face Downward Pressure due to Both Technical and Fundamental Bearish Factors

According to Hyperliquid data, GOLD/USDC perpetual contracts are quoted at $4,633.7, down approximately 1.71% in the past day. From the annual high near 5,464, it has fallen sharply by more than 15%. Currently, the price is running below multiple moving averages, the MACD remains in a death cross, and it shows a secondary downward trend after low-level consolidation. Technical analysis: Gold has been fluctuating and dropping all the way from the high, reaching a minimum of 4,123.2. Although there has been a rebound, the strength is limited. Recently, it has formed lower highs and lower lows, forming a complete bearish structure. Long-term moving averages are providing significant resistance, and there is a high probability that rebounds will face obstacles and fall back. Fundamental and news analysis: The US Dollar Index is staying near the high of 98.5. Real yields have risen due to heightened inflation expectations, increasing the opportunity cost of holding non-interest-bearing gold. US-Iran negotiations remain deadlocked, and geopolitical risks have raised oil prices and inflation concerns, which, in turn, reinforce the Federal Reserve's expectations for "higher for longer" interest rates. In this week's FOMC meeting, it is highly likely that rates will remain unchanged. The market has further revised down the expected number of rate cuts in 2026, and the continued hawkish signals are keeping gold prices under pressure. Trading view: The combination of technical downtrend and negative fundamentals makes it suitable to short gold.