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On Monday morning, the market was hit by unexpected news, causing gold to gap down and open lower, with a bottom seen at 4651!
Subsequently, risk aversion sentiment increased in the market, driving gold prices to strongly rebound in the evening, surging sharply to a new high of 4776, with the current bearish correction clearly underway.
The news variables still exist, but the risk of chasing long positions at high levels is extremely high. The core strategy today is to short on rebounds.
In terms of operations:
Short at 4735-4765 on rebound, initially targeting 4700, and if broken, follow the trend to 4680-4650.