Gold Investment Advisor: On March 23, the gold evaluation indicates that the short-term bottom has been reached, but this does not mean that a bull market has returned.
Today, gold experienced a drop followed by a rise. In the morning, gold started a one-way downward trend from around 4530, dropping to a low of 4100 before rebounding due to bottom support. After the U.S. market opened, the upward trend continued, peaking at around 4512, overall forming a V-shaped bottom.
From a technical perspective, gold rebounded after dropping to the support of the 0.618 Fibonacci retracement level on the four-hour chart. However, a significant drop is usually accompanied by a certain level of volatility, so one must avoid blindly chasing high prices during operations. Additionally, the current rebound of gold near 4500 coincides with an important resistance level above, so it is still early to say that gold has reached a bottom.
When discussing whether gold has bottomed, I think it is more about left-side trading, just like there are always people who can't resist bottom-fishing after each wave of gold declines. For gold to stabilize, it at least needs to break through the resistance range of 4500—4570, and the continuation of the overall gold bull market requires at least seeing whether gold can stabilize above 4730. Therefore, I personally suggest observing the bottom volatility of gold and practicing high selling and low buying before it breaks through the 4500—4570 range.
Note: The article has timeliness, and market conditions change rapidly; do not operate blindly. The above is purely a personal sharing and does not constitute any investment advice. Investment carries risks, and gains and losses are self-responsible! Personally manage your own position $XAU #黄金
