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4/2 Gold Intraday Strategy
In the early session, gold surged to 4800 but couldn't sustain it. A positive news event was released, causing a sharp drop, breaking below 4700. Many people think the market is turning bearish. Yesterday during European trading hours, gold rose strongly, stabilized above 4700, and then moved sideways upward. This morning, it peaked at 4800 but faced resistance, and after the positive news was priced in, it jumped down, which is very normal.
Four hours ago, it plummeted to 4100, then reversed sharply in a V-shape. The trend has shifted from decline to rise.
Currently, the MACD red histogram is shortening, indicating weakening upward momentum. A short-term pullback is expected, but the overall trend remains bullish.
Short-term support levels are around 4650, with strong support at 4600. If it pulls back to these levels, just go long. The pullback is an opportunity to enter, not a trend reversal. The medium to long-term outlook remains firmly bullish, no problem.