6.4 Gold Afternoon Review: Short-term Oversold Rebound, Overall Trend Still Bearish

Market Review: In the morning session, gold prices relied on the previous low of 4424 to surge significantly, reaching a high of 4484 at midday, currently at 4475. After a sharp decline caused by overnight non-farm payroll negative news, multiple factors stimulated a recovery and upward correction in gold prices. The short-term rebound is relatively large, but overall it remains a correction after a decline.

Trend Analysis: News: U.S. stocks fell sharply, with the Dow Jones dropping 1.21%, market panic triggered safe-haven buying; gold was deeply oversold earlier, with bottom-fishing funds entering the market, combined with market anticipation of favorable initial jobless claims data in the evening, three factors driving gold prices higher. Technically, KDJ approaches overbought, short-term resistance at 4484-4495, heavy pressure at 4515; short-term support at 4456, key support at 4424, the long-term moving averages remain in a bearish alignment.

Coco’s Suggestion: Follow the trend mainly with short positions, sell in batches at rebounds of 4475 and 4495, targets at 4456 and 4430, break below to 4420; on pullbacks near 4456, consider short-term small longs, quickly exit at resistance levels. All orders should be light with stop-loss, do not chase rallies.

Disclaimer: The above analysis is for reference only and does not constitute investment advice. The market carries risks; please trade cautiously.