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Jin Dachuan 3.17 Gold Morning Review
Early trading saw gold prices continue the weakness and volatility from overnight. After testing a low at 4967 last night, prices rebounded in a V-shape to around 5020 but faced resistance again. In the early session, prices are consolidating slightly around the 5000 level. This minor rebound is merely a correction of indicators and has not reversed the overall bearish trend; in the short term, the market remains weak.
From a broader trend perspective, with the Fed's March interest rate decision approaching and expectations of rate cuts continuing to diminish, the strength of the US dollar and US Treasury yields are exerting downward pressure on gold prices. Institutions are taking profits at high levels, the weekly death cross for gold persists, and multiple negative factors are resonating. The market remains bearish this morning, and any rebounds should be viewed as opportunities to short.
In terms of trading strategy, consider short positions around 5030-5050 on rebounds, with a stop loss above 5065. The target levels are 4980-4960, with a break below 4880 indicating further downside.
Risk reminder: Investment involves risks; please trade cautiously. The above analysis is for reference only and does not constitute investment advice.