3.23 Gold Drops 200 Points, Rebound at 4480 Still Profitable 200 Points

Market Review:

Gold opened last week at 5010.7, with a slight rally in early trading. After touching a high of 5045.2 mid-week, it came under pressure and retreated. The market weakened with oscillations and effectively broke through the key support level of 4960, subsequently initiating an accelerated decline. On Friday intraday, it touched a low of 4474.5, with late-session consolidation at lower levels. The week closed at 4497, forming a large bearish candle with a slightly longer upper shadow and full body on the weekly chart, with bear momentum completely dominating the market.

From a technical perspective, gold prices strongly broke through the early-year key support of 4400, quickly probing to a low of 4320 intraday, then rapidly rebounding and re-establishing above 4400. This sharp decline followed by sharp rebound pattern essentially reflects intense chip rotation between bulls and bears: bears concentrated volume in selling, while bullish buyers entered at low levels to catch the falling knife, forming short-term rapid oscillation.

On the daily chart, continuous bearish decline with Bollinger Bands opening downward and the moving average system showing bearish divergence indicates significant weakness. Short-term support consecutively moves lower to 4260, 4150, 4000 levels. On the 4-hour chart, MACD shows continued death cross with expanding green bars, indicating bear momentum still being released. KDJ/RSI sits in deep oversold territory but lacks clear bullish cross signals, with only weak recovery expectations. On the 1-hour chart, MACD green bars contracting with fast line turning, short-term downside momentum decelerating, while KDJ shows oversold golden cross with emerging recovery signals, though strength is limited.

Combining 4-hour and hourly charts, both show oscillation recovery and weak pressure as the main theme, with price not immediately reversing to strength. Operationally, follow the main trend—only trade rebound shorting, avoid blind bottom-fishing, and observe the strength of bull-bear dynamics.

Intraday key resistance levels locked in: 4480, 4500. Scale into shorts on bounce, with strict position control and stop-loss.

Gold Operation Strategy: Scale into shorts on 4480-4500 rebound, stop-loss at 4540, targets 4350-4300 with light positions and strict stops.

Disclaimer: The above content is merely personal thoughts and viewpoint sharing, not constituting trading suggestions.