En Ze: Structural correction rebound, bull restart still premature

Gold is currently mainly in a corrective phase. After touching the 4100 level and bouncing back on Monday, it closed higher on Tuesday, and on Wednesday, the bulls continued to push higher. The daily chart is likely to remain bullish, with the upward trend gradually stabilizing and entering a high-level consolidation phase.

Yesterday morning, the gold price broke through 4512, and the rebound continued as expected. The market was heatedly discussing whether the bulls are restarting, but from a technical perspective, it is still too early. The weekly adjustment pattern remains unchanged; this is currently only a structural correction rebound, and the cycle adjustment still requires a period of consolidation between bulls and bears.

Overall, the bearish momentum still has some strength. Key resistance levels to watch above are 4635-4650 in the short term, 4780-4790 as a critical resistance, and 4800-4810 as the dividing line between bulls and bears. On the downside, pay attention to the short-term support at 4500-4490, which is the core point of contention between bulls and bears. Specific intraday trading strategies will be provided in real-time.

Gold Trading Strategy

Short positions can be initiated around 4630-4650, with additional shorts at 4670-4690, stop loss at 4710, and targets at 4505-4500; if broken, holding can be continued.

For long positions, wait for a pullback to 4490-4500 for stabilization before going long, add longs at 4460, with a stop loss at 4445, and targets at 4630-4635; if broken, holding can be continued.

Disclaimer:
The above analysis reflects En Ze's personal view. Markets are constantly changing; this content is for reference only and does not constitute any investment advice!