3.20 Gold Morning Review
Yesterday, gold opened at 4830 and immediately encountered resistance, falling back to 4554, then fluctuating upwards to around the 1-hour mid-track at 4670, closing at 4652, showing a pattern of sharp decline followed by recovery.
The main reason for this round of gold's sharp decline is the strengthening of the Fed's hawkish guidance, with interest rate cut expectations significantly falling, and the rising dollar and U.S. Treasury yields suppressing the valuation of precious metals. Additionally, concentrated profit-taking from previous highs triggered a rapid decline.
Current negative sentiment is gradually being digested, with no significant data expected in the short term, and the market is entering a technical recovery phase, primarily focusing on range consolidation in the short term.
Short Selling: If it rebounds to 4680-4700 and meets resistance, one can sell in batches, targeting a breakthrough below 4630-4600, then looking at 4570.
Long Buying: If it stabilizes after a pullback to 4570-4590, one can consider light long positions, targeting 4630.
