On Thursday, June 12, gold prices experienced a modest recovery during the early trading session. The key defensive level for gold was identified at 4130. It was noted on Wednesday's late session that a break below 4130 would signal a continuation of the bearish trend, prompting further short positions.

During Thursday's early trading, the price rebounded to 4117 before encountering resistance. A short position was suggested directly at 4088, emphasizing the strategy of entering short after a rebound fails at a high point. This trade successfully reached the target around 4060.

In the afternoon session, another short opportunity was presented at 4105. The price consolidated for an extended period within the 4100-4110 range, during which it was repeatedly advised that entering short directly in this zone was viable. This position successfully reached 4067 before closing for profit. Subsequently, another short trade was executed in the late session.

Following the midnight session, gold prices staged a reversal. This shift was attributed to an official announcement halting military action, which spurred a bullish counterattack that broke through the previous high of 4117 and extended gains, nearly recovering all losses from Wednesday.

This development raises a critical question: Is the recent low of 4024 the short-term bottom, and has a true bottom been established? It is premature to conclude that a bottom is in place. Examining the daily chart reveals that the price has deviated from the 5-day and 10-day moving averages. The current price action represents merely a single bullish candle following four consecutive bearish daily closes, making the next closing candle crucial. The key will be determining whether this is a single-candle correction or the beginning of consecutive bullish closes for a sustained recovery.

The focus for today is on the levels of 4245 and 4117. If this is merely a single-candle correction, the price is unlikely to break above the 4245 high. In this scenario, the strategy would be to look for short opportunities below 4245, anticipating a weakening trend and a bearish daily close. Conversely, if consecutive bullish candles form and the price breaks above 4245 to continue rising, it would suggest that 4024 is indeed the recent low. This would shift the strategy for the following week towards buying on dips.

Regarding the intraday trading plan, if gold rebounds in the afternoon, consider short positions below 4245, with an exit if the price breaks above this level. If the price falls below 4170, look for short opportunities on a rebound below 4210. Alternatively, if the price declines directly, monitor the 4117 level for potential long entries, anticipating a stabilization and subsequent rebound.