Enze: Gold bearish trend has formed, next week expect downside to 4335

From a technical perspective, gold pulled back after surging higher on Friday, continuing the downtrend. Asia session surged, Europe weakened, and after breaking below 4640 in the US session, there was a sharp selloff. Both daily and weekly lines closed with large bearish candles, and the short-term uptrend structure has been broken.

In terms of wave analysis, the first wave of decline started on January 29, and after the secondary high on March 2, the second wave of correction was initiated with even stronger downward momentum. Friday's close was weak, and early next week will likely continue lower with high probability. Short-term strategy focuses on shorting with the trend; do not bottom fish before a clear bottom emerges. Watch the 4400 support level below, where there may be technical rebound, but breaking below is only a matter of time.

Daily resistance levels: Short-term 4635-4640, key levels 4750-4760 and 4800-4805; support first at 4398-4400, then at 4335-4340. Operate by shorting on bounces that fail to break above, with real-time levels signaled during trading.

Gold Trading Strategy:
Short in batches at 4630-4640, add short positions at 4750-4760, unified stop loss at 4780, target 4335-4350.

Disclaimer:
The above analysis is Enze's personal analysis for reference only and does not constitute any investment advice!
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