$BTC Friday, June 12th Gold Morning Outlook

Gold tested the bottom and rebounded yesterday, with the lowest touching 403 before quickly recovering and reversing. In the evening, it showed continuous upward movement, reaching a high of 424 before facing resistance and pulling back. This morning, it remains in a high-level oscillation pattern, currently trading at 418. The panic selling at lower levels has been fully released, and buying funds are clearly flowing back. The overall market has shifted from weak to stable, but the momentum for chasing highs at high levels is insufficient. After rising, it faced resistance and pulled back, and in the short term, it remains in a correction phase of oscillation after a rebound.

On the daily chart, a large sheep line pattern has formed, directly retracing the first half of the consolidation range. The short-term correction trend has been clearly interrupted, with a definite signal of correction; the 4-hour Bollinger Bands lower band support has been validated, rebounding strongly from the lower band to above the middle band. Moving averages are gradually turning, indicating increasing short-term upward momentum. However, the upper Bollinger Band middle line at 419 presents short-term resistance, and the strong resistance at the upper band of 437 has not yet been broken. The rebound is more inclined toward a correction after consolidation rather than a trend reversal. The short-term divergence between the two indicators is obvious, and overall, it is in a phase of pressure after a super consolidation rebound.

In summary, look for a correction at 416-417, targeting 423-425; at 424-426, look for a correction, targeting 418-416.
$XAU