3.26 Investor Gold Afternoon Review: Sudden Plunge! Gold Crashed Over 120 Points, Bulls Completely Defeated
The gold market did not show a clear direction in the early session, with small fluctuations in the range of 4500 to 4540. In the afternoon, the situation changed dramatically, with bearish funds aggressively selling off, resulting in a sharp decline, hitting a low of 4415.93, with a daily drop exceeding 120 points, refreshing the intraday low.
The latest U.S. economic data performed significantly better than expected, directly impacting market rate cut expectations, leading to a substantial strengthening of the dollar and U.S. Treasury yields, which exerted strong pressure on gold prices. Coupled with a recovery in global risk sentiment, safe-haven funds continued to withdraw from the precious metals market, collectively triggering this round of concentrated selling.
The short-term BOLL has transitioned from a contraction to a significant downward opening. After the price broke below the lower band, the bearish trend was fully established, with the middle band forming strong pressure in the short term. The short-term moving averages are in a bearish arrangement, with the market in an oversold state. Key support to watch below is the low of 4415.93; once it breaks again, the downside space will further open up.
Plan to short in the 4470-4490 range, targeting 4415 and 4380.
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