6.2 Gold Afternoon Review: A Short-Term Spike and Rebound Correction; Pressure at Higher Levels Unchanged, Overall Bearish Direction Still Dominates

Market recap: In the morning, price consolidated and climbed off the lows around 4470, then surged to about 4518 in the short term. The rebound correction call from the early review was realized. After a fast pull-up on the smaller timeframe, upward momentum slowed down. This is a technical rebound following a big drop, not a bullish reversal.

Trend analysis:
From the news perspective, the US dollar and US Treasury bonds have steadied slightly, continuing to suppress room for gold to rise. From the technical perspective, the hourly chart shows short-term pressure at 4525-4540, with strong resistance at 4560. Short-term support sits at 4490, and key support at the lower level is 4476. The 30-minute KDJ has entered the overbought zone, and the indicator line is facing a pullback and correction. Meanwhile, moving averages still maintain the bearish arrangement across the larger cycle. This round of gains is a corrective move.

Cocoa’s suggestions:
Stay mainly with shorts: If the rebound pushes into 4520-4545 and meets resistance, look to sell short. Targets are 4490 and 4470; if that level breaks down, watch for 4460. For a short-term pullback, consider going long around 4490 and 4470, with quick entry and quick exit. Do not chase longs—strictly use stop-losses and keep positions light.

Disclaimer: The analysis above is for reference only and does not constitute investment advice. The market carries risk; proceed with caution when entering the market.