3.24 Gold V-shaped rebound is not a reversal, 4450 under pressure, continue shorting

Market Review:

Gold opened lower at 4469.46 USD/oz in Asia's early trading yesterday, followed by a short-term rebound that successfully filled the gap and touched the intraday high of 4535.81 USD; subsequently, bulls encountered resistance and the market reversed sharply downward in a one-way decline. Asia's late session saw a significant drop to the intraday low of 4099.12 USD.

After touching the low, gold price rebounded rapidly. During the early US session, it briefly returned above 4500 USD, but bull momentum soon weakened. Following resistance to the rebound, the market entered range-bound fluctuation and closed at 4406.40 USD. The entire day's volatility was intense with a daily range of 436.69 USD; compared to Friday's close of 4503.13 USD, it fell 96.73 USD intraday with a decline of 2.15%.

From the daily chart perspective, gold maintains a downtrend overall, with the break below the 100-day moving average being a key signal of trend weakening. The 200-day moving average near 4100 USD is a critical medium-term support.

Currently, gold price is rebounding modestly from support but lacks upside momentum. A rebound breakthrough of 4450 USD could test the 4500 USD resistance level; watch the 4305 USD support below, and a valid break would further probe the 4100 USD zone.

From an indicator perspective, MACD's green histogram below the zero line is expanding, strengthening bearish momentum; RSI is close to the 25 oversold zone, requiring technical correction in the short term, but the overall pattern remains weak.

The 4-hour cycle shows a shock-biased bearish structure, with short-term moving averages in bearish alignment. Price rebounds are continuously suppressed by moving averages, with upper resistance focused on the 4450-4500 USD zone. Without a breakthrough, weakness persists; below, support levels are at 4300 and 4100 USD. A break would open new downside space. MACD remains in negative territory, short-term bearish trend continues. Be alert to rebound corrections after oversold conditions.

Gold Trading Strategy: Batch short on rebounds at 4440-4460, stop loss at 4480, target 4350

Disclaimer: The above content is merely personal thoughts and viewpoints sharing and does not constitute trading suggestions.