Gold Investment Advisor: On March 18, the Federal Reserve's interest rate decision will be announced, and gold may face a deeper pullback possibility.
Last night, I decisively shorted around 5030, and the market smoothly developed a pullback trend. After reaching 4973, the market quickly rebounded, and the gold price continued to fluctuate within a narrow range through the early morning.
Currently, the market's attention is still focused on oil, while gold seems to be set aside. Since the Strait of Hormuz was blocked by Iran at the beginning of the month, oil prices have remained high, and market funds have shifted from gold to oil, which has also led to a recent decline in gold prices.
From the chart, gold prices are currently under continuous pressure to decline. During the day, pay attention to the resistance in the 5030-5040 range above. If the market approaches this area, I will still go short, and I am not considering long positions for now. As for going long, I will wait until around 4850 to make a move.
Note: This article is time-sensitive, and market conditions can change rapidly. Please do not operate blindly. The above is purely personal sharing and does not constitute any investment advice. Investment carries risks, and profits and losses are borne by the investor! Personally, manage your positions well! $XAU #XAU_USD
