3.24 Gold V-shaped Rebound is Not a Reversal, 4450 Under Pressure Continue Short

Market Review:

Gold opened lower at 4469.46 USD/oz in Asian early trading yesterday, with short-term rebound initially filling the gap and touching the intraday high of 4535.81 USD; subsequently, bulls encountered resistance and the market reversed sharply downward in a one-sided decline. Asian session closed with a significant drop to the intraday low of 4099.12 USD.

After touching the low, gold prices saw a rapid rebound, briefly returning above 4500 USD in the initial US session, but bullish momentum subsequently exhausted. Following the rebound resistance, it fell into range oscillation, ultimately closing at 4406.40 USD. The entire day saw volatile trading with a daily amplitude of 436.69 USD; compared to last Friday's closing price of 4503.13 USD, intraday decline of 96.73 USD, representing a 2.15% drop.

From the daily chart perspective, gold maintains an overall downtrend. Breaking below the 100-day moving average is a key signal of trend weakening, with the 200-day moving average near 4100 USD serving as important medium-term support.

Currently, gold price is making a slight rebound on support, but upside momentum is insufficient. A rebound breaking through 4450 USD may test the 4500 USD resistance; watch the 4305 USD support below, effective breakdown would further explore the 4100 USD area.

From an indicator perspective, MACD green column below zero axis is expanding, bearish momentum strengthening; RSI approaching the 25 oversold zone, short-term technical correction needed, but overall structure remains weak.

The 4-hour cycle shows oscillating bearish structure, short-term moving averages in bearish arrangement, price rebounded continuously suppressed by moving averages. Upper resistance focuses on 4450-4500 USD zone, unable to break through would maintain weakness; lower support at 4300, 4100 USD, breaking would open new downside space. MACD in negative zone, short-term bearish trend not yet stopped, alert to rebound correction after oversold conditions.

Gold Trading Strategy: Rebound 4440-4460 batch short positions, stop loss 4480 points, target 4350

Disclaimer: The above content is merely personal thoughts and viewpoint sharing, and does not constitute trading advice.