Wednesday, June 24 Gold Midday Outlook

Overnight, US stocks plummeted across the board, global markets' panic sentiment intensified, and medium- to long-term safe-haven demand gradually emerged. Although short-term US Treasury yields rose, suppressing gold prices, after a sustained decline, the bearish momentum was significantly exhausted, with strong support around 4050. Solid bottom support is provided by physical buying at low levels and central banks around the world continuing to stockpile gold. Deep corrections instead offer an excellent opportunity to establish long positions at low levels.
From a technical perspective, after gold prices fell to low levels, the downward volume continued to shrink, and oversold indicators show a need for recovery. A strong support zone forms between 4040-4080, making it difficult to sustain deep downward movement; the first target is 4160, and after breaking through, the next medium-term resistance is 4220.
Trading idea: Rely on the support at 4050-4080 to gradually build long positions, with a stop loss below 4030. The oversold correction has ample room for upward recovery. After market panic subsides, safe-haven buying will gradually enter, pushing gold prices higher. Be patient with long positions at low levels, hold for a rebound to realize profits, and manage risk with appropriate position sizing.
Operational suggestion: Watch for a rebound at 4055-4065, target 4100; if broken, $BTC look toward 4140.