Recently, gold surged to around 5419 before starting to pull back, then plummeted on Tuesday, with a low of 4997. This pattern is consistent with previous declines last year, which showed a technical pattern of falling near the middle Bollinger Band on the daily chart, followed by repeated tests and trend reversal leading to an upward move. Currently, the close is at 5141, with the rebound nearly retracing half of the decline. It is basically confirmed that this round of adjustment is complete, and a cyclical upward trend has begun.

The daily chart has already closed positively, indicating a sideways upward trend. Such a trend can rise quickly. In the short term, watch for resistance around 5230–5240. The 4-hour chart is even more obvious: after Tuesday’s initial rise and subsequent fall, the Bollinger Bands are narrowing, moving averages are converging, and the candlesticks above 5000 are closing positively and moving higher. Therefore, the major range to watch is between 5000 and 5400. This week or next, gold may still strengthen toward the 5400 high.

Trading suggestion: Buy near 5130–5140, stop loss at 5100, target 5180/5200.

Disclaimer: The above content is for sharing personal ideas and opinions only and does not constitute trading advice.