Analysis of Gold's Price Trend: On March 26, after experiencing nine consecutive days of decline, gold's market showed a cliff-like collapse, leaving bullish traders in an extremely precarious position while bearish momentum signaled a turning point from peak to decline, creating a thrilling and dramatic overall trend. Currently, the shadow of the Federal Reserve's hawkish policies has not yet dissipated. As the US dollar and US Treasury yields retreated synchronously from highs, combined with repeated geopolitical disturbances and the need for a technical rebound after an oversold condition, gold staged a remarkable counterattack, initiating a strong rebound.
Yesterday, gold opened near 4413. After opening, it quickly fell to around 4305. Once the concentrated release of bearish momentum was exhausted, the price stabilized and rebounded from the low, with buying funds gradually entering the market to push the price upward. It closed near 4475, rising 170 points for the day, successfully ending the previous nine-day losing streak and marking a significant counterattack. During the rebound, bullish momentum was unstoppable, driving the price up to around 4602, setting a new intraday high. Subsequently, the market entered a period of high volatility, with bullish traders taking profits and exiting, causing the price to retreat slightly to the 4520 area. Thanks to strong buying support, the pullback was shallow and short-lived.
The market then transitioned into a narrow range consolidation, shifting from the previous strong upward surge to a pattern of high-level oscillation and consolidation. In the early morning hours, the gold price declined. Based on the current trend, the price of gold is likely to continue its downward adjustment today, but key support levels may not be reached. Therefore, it is more advisable to wait for confirmation during the day's trading and execute operations during the US market hours. This confirmation aims to validate the effectiveness of the expected trend.
The key resistance level above remains at the 4600 integer mark, which serves as both a strong short-term resistance and a dividing line between short-term bullish and bearish sentiment. If the gold price is effectively suppressed at this level, it is highly probable to continue probing lower afterwards. Based on this, today's gold trading suggestions are as follows: If the price first rebounds to the 4580-4585 area, consider establishing short positions, targeting 4530-4500, with a stop loss set at 4600. If the gold price sustains above 4600 for an extended period, consider exiting positions and adopting a wait-and-see approach during any pullbacks.