Gold violently rebounds, do not short in the near future

From the news perspective, global risk aversion sentiment continues to rise, geopolitical risks stimulate market safe-haven buying, combined with the market’s ongoing expectations of Federal Reserve rate cuts, the US dollar remains under pressure and weakens, providing core support for gold bulls. The US ADP employment data is about to be released, market sentiment is cautious, and the fundamental environment is fully favorable for gold prices to rise.

On the technical side, the four-hour chart shows that after the previous low of 4500, gold reversed after bottoming out, breaking through the upper and middle bands of the Bollinger Bands, and a bullish structure is fully formed. The KDJ indicator’s three lines are diverging at high levels, indicating that the market is in a severe short-term overbought condition, with short-term profit-taking and technical correction needs.

Suggestions:
Pull back to around 4610-4630 for phased long positions, target 4680, 4750

Disclaimer: The above analysis is for reference only and does not constitute investment advice. Operate at your own risk based on this. #加密市场回升