🍀 Spring Date with Fortune, Prizes with Raffle! Growth Value Phase 1️⃣ 7️⃣ Spring Raffle Carnival Begins!
Seize Spring's Good Luck! 👉 https://www.gate.com/activities/pointprize?now_period=17
🌟 How to Participate?
1️⃣ Enter [Square] personal homepage, click the points icon next to your avatar to enter [Community Center]
2️⃣ Complete Square or Hot Chat tasks such as posting, commenting, liking, speaking to earn growth value
🎁 Every 300 points can raffle once, 10g gold bars, Gate Red Bull gift box, VIP experience card and more prizes waiting for you to win!
Details 👉 https://www.gate.com/ann
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 Asian early trading yesterday, with short-term rebound first, successfully filling the gap and touching intraday high of 4535.81 USD; subsequently, bulls met resistance and declined sharply, with the Asia session diving significantly to the intraday low of 4099.12 USD.
After touching the low, gold prices staged a rapid rebound, briefly returning above 4500 USD in early US session, but bullish momentum soon fizzled, encountering resistance and entering range-bound consolidation, ultimately closing at 4406.40 USD. The entire day saw volatile swings with daily range of 436.69 USD; compared to Friday's close of 4503.13 USD, intraday decline of 96.73 USD, down 2.15%.
From the daily chart, gold maintains an overall downtrend, breaking below the 100-day moving average is a key signal of weakening trend, with the 200-day MA near 4100 USD serving as crucial medium-term support.
Current gold price rebounds modestly on support but lacks upside momentum. Breaking through 4450 USD could test 4500 USD resistance; watch 4305 USD support below, effective break would probe further toward 4100 USD zone.
Technically, MACD green columns below zero axis are expanding, bearish momentum strengthening; RSI approaching 25 oversold zone, short-term technical correction needed, but overall structure remains weak.
4-hour cycle shows oscillating bearish structure, short-term moving averages in bearish alignment, price rebounds continuously suppressed by MAs, upper resistance focuses on 4450-4500 USD zone, unable to break suggests maintaining weakness; lower support at 4300, 4100 USD, break below opens new downside space. MACD in negative territory, short-term bearish trend unconfirmed, stay alert for post-oversold rebound correction.
Gold Trading Strategy: Sell on rebounds 4440-4460 in batches, stop loss 4480, target 4350
Disclaimer: The above content is merely personal thoughts and viewpoints sharing, not constituting trading advice.