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, where the technical performance showed a drop to 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 halving the previous decline. It is basically confirmed that this round of correction is complete, and a cyclical rally is beginning.

The daily chart has already closed with a positive candle, and the trend is also a oscillating upward pattern. Such an upward trend can develop quickly. Watch for short-term resistance at 5230–5240. The 4-hour chart is even more evident: after Tuesday’s initial rise and subsequent fall, the Bollinger Bands are narrowing, moving averages are converging, and the candles above 5000 are closing positively and rising. Therefore, the major range to watch is between 5000 and 5400. It’s possible that gold could strengthen this week or next, reaching the high of 5400.
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.