Golden Investment Brother: On March 27th, gold once again retreated, is there still hope for bulls?
Gold rebounded to a short-term high of 4602 on Wednesday and then retreated again, continuing a trend of fluctuating declines for two consecutive days. Yesterday during the day, gold fell to a low of 4413 before a slight rebound, but good times didn’t last long as gold prices once again broke down early this morning, currently falling to around 4351 before rebounding again, with current gold prices near 4398.
From the chart, in the short term on the 15-minute line, gold is currently exhibiting a 1—2—3—4 wave downward trend, which theoretically means that the fifth wave will certainly come. Looking at the Fibonacci levels connecting the recent low of 4099 and the recent high of 4602, every wave of the market's pullback and rebound has bounced off support and resistance.
Currently, the intraday resistance is near 4412 (Fibonacci level 0.35 + dense trading area), while the low of today at 4350 is also the midline support at Fibonacci level 0.5. In the short term, this position has a certain level of support, but considering that today is Friday, a time when market turnover is relatively frequent, this position is likely to be broken.
Therefore, in terms of operation, I personally suggest focusing mainly on short positions during the day, entering short near the resistance around 4412, with a stop loss at 4425, and aiming for targets of 4365—4300.
Note: This article is time-sensitive, and market conditions change rapidly; do not operate blindly. The above is purely a personal sharing and does not constitute any investment advice. Investment involves risks, and profits and losses are borne by oneself! Personally manage your position $XAU #黄金
