Gold Investment Advisor: On March 30, gold formed a local bottom, and bulls should not be overly pessimistic.
The US-Iran war has been ongoing for more than a month, and gold has fallen from $5,400 to $4,100. This significant drop has left many people confused; however, the advisor still believes that there is no market that continuously rises, nor one that continuously falls, so I believe the bulls in gold will return.
Currently, after gold fell to $4,100, it rebounded and has already broken through the important level of $4,500. Although it dipped back to $4,300 in the early hours of Friday, the bulls regained strength in the evening, successfully closing gold prices around $4,500 by the end of Friday. From the chart, it appears that a local bottom has formed.
Today, gold opened with a gap down of $20, starting around $4,470. This slight pullback is something the advisor says is normal; you can see that on Friday, gold had an overall increase of $220 throughout the day, so a subsequent pullback of $80 to $120 is perfectly normal.
From a technical perspective on the hourly chart, gold rebounded from $4,100 to $4,600 and then pulled back. The price retraced to $4,351, which aligns perfectly with the 0.5 position on the Fibonacci retracement level, meaning it retracted exactly 50%. Following this, gold is expected to rebound again. Overall, gold is in a trend of fluctuating upwards, so in terms of direction, we can shift our bearish outlook to a bullish one.
In the short term, looking at the connection between gold's recent low of $4,351 and the recent high of $4,555, gold is currently experiencing a slight pullback. Daily support is within the range of $4,450 to $4,425. Personally, I suggest using this range as an entry target for bullish positions, setting an overall stop loss of $15 to $20, with a target of $4,540 to $4,600.
Note: This article is time-sensitive, and the market changes rapidly, so do not act 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 individual! Keep control of your position $XAU #黄金
