6.17 Clear Wind Morning Gold Analysis

The overall medium-term trend leans towards consolidation; after Jiajie retested the 4024 low point, the downward momentum weakened, resulting in a strong rebound. The selling pressure has basically been exhausted, with the lows gradually rising. The short-term and long-term moving averages are both turning upward simultaneously, establishing a large-scale upward pattern.

Currently, the 4-hour, 1-hour, and 30-minute multiple timeframes are all in narrow sideways consolidation, indicating a phase of correction after the rally, mainly aimed at clearing out retail traders' positions.

The market exhibits extremely strong resilience; every time the price retraces to the moving average level, buy orders tend to support the bottom, making deep corrections unlikely. The immediate resistance level is 4360, which has limited resistance strength. Once a volume breakout occurs, a new upward wave will begin, with the first target at 4400.

The key defensive level for this consolidation phase is the 4284 moving average. Only if the 4-hour candlestick closes below this level can the upward trend be considered ended.

Until this support level is broken, all retracements are opportunities for consolidation, and counter-trend short positions are strictly prohibited.

Trading suggestion: Wait for a retracement to 4315-4325 for consolidation, then look for targets at 4360, 4380, and 4400.