Jin Dachuan 3.16 Gold Morning Review

After the morning opening, the downtrend continued. Following the breakdown below 5000, the price dropped to a low of 4967, then rebounded to around 5020. The small-level chart formed a V-reversal, and indicators are warming up. On the surface, today's market appears to be starting an uptrend.

However, looking at the larger trend, the US-Iran conflict is nearing its end, market rate-cut expectations are weakening, spot gold jewelry prices are too high, and the crypto market is warming up and rising after five consecutive months of decline. Meanwhile, gold is facing a death cross on the weekly chart, all of which suggest I'm not bullish on gold in the short term.

Operationally, I recommend trading around 5050, with resistance defense above 5060, targeting 4940-4880 and below.

Risk Disclaimer: Investment carries risk. Enter the market with caution. The above analysis is for reference only and does not constitute investment advice.

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