3.26 US market gold short still can gain 100 points, even Jesus can't stop it

Yesterday, the 4H high point kept gradually decreasing. Although the daily chart recovered most of the decline, the overall trend was mainly a rebound followed by a fall, ending at a low level. These are clear signals of weak rebound. My analysis in yesterday’s European session blog was to short at 4560-4570. The price repeatedly pulled back at this level during the session, and early morning it successfully hit the target at 4500. The strategy was accurate!

On the 4-hour chart, the moving averages are under pressure from the 5/10/20-period averages, with a bearish alignment. MACD is below the zero line with a dead cross, and the green bars are expanding. KDJ/RSI are both in oversold territory but without a clear reversal. On the 1-hour chart, the price is in a single downward trend, currently stabilizing around 4410-4400. After a short-term oversold condition, a slight rebound and correction are needed. The price is below all short-term moving averages, with resistance at 4460-4480 and support at 4400-4380. A break below would accelerate weakness. Overall, the US session rebound should mainly be used to short on rallies.

Gold trading strategy:‌ Short on rebounds at 4460-4470 in stages, with a stop loss of 4490 points, target 4380-4350.

Disclaimer: The above content is for personal ideas and opinions only and does not constitute trading advice.