3.24 Gold V-shaped Rebound Is Not a Reversal, 4450 Under Pressure Continue Shorting

Market Review:

Gold price opened lower at 4469.46 USD/oz during Asian early trading yesterday, with short-term rebound first, successfully filling the gap and touching the intraday high of 4535.81 USD; subsequently bulls encountered resistance and pullback, the market sharply reversed downward in a one-sided decline, with Asian session closing exploring the intraday low of 4099.12 USD.

After touching the low, gold prices staged a rapid rebound, briefly returning above 4500 USD in the early US session, but bull momentum soon exhausted, encountering resistance during rebound and falling into range consolidation, ultimately closing at 4406.40 USD. The market experienced volatile swings throughout the day with an intraday amplitude of 436.69 USD; compared to last Friday's closing price of 4503.13 USD, the day saw a decline of 96.73 USD, representing a drop of 2.15%.

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 mid-term support.

Currently, gold price rebounds slightly supported, but upward momentum is insufficient. Breaking above 4450 USD on rebound may test 4500 USD resistance; below, closely monitor 4305 USD support, an effective break would explore further into 4100 USD territory.

From indicator perspective, MACD green columns below zero axis are expanding, bearish momentum strengthening; RSI approaching the 25 oversold zone shows short-term technical correction needs, but overall structure remains weak.

The 4-hour cycle shows consolidation with bearish bias structure. Short-term moving averages in bearish alignment, price rebounds continuously suppressed by moving averages. Upper resistance concentrated in 4450-4500 USD zone, unlikely to break through indicates maintaining weakness; below, support levels at 4300, 4100 USD, breaking through opens new downside space. MACD in negative territory, short-term bearish trend unfinished, be alert to rebound correction after oversold conditions.

Gold Operation Strategy: Batch short at rebound 4440-4460, stop loss at 4480, target 4350

Disclaimer: The above content is merely personal thoughts and viewpoint sharing, not constituting operational advice.