From a technical perspective, the recent price pullback has successfully completed the process of confirming the market bottom. On Wednesday, after retesting and confirming a secondary low, the gold price rebounded rapidly and stabilized, demonstrating strong buying support.
After two consecutive days of fluctuating and consolidating to form a bottom, the downside potential for gold in the short term has been completely closed, and the market trend has quietly shifted. The market is likely to break out of the consolidation pattern and start a new round of fluctuating upward trend.
The 1-hour chart shows that the price has formed a multiple bottom structure at the bottom, with strong support around 3950. Although the price retreated after an initial spike on Wednesday, bullish momentum is steadily building, and the price floor is shifting higher. Positive Non-Farm Payroll (NFP) data would likely provide the catalyst for further stabilization and upward movement.
Short-term strategy: Buy at 4020, target 4100. After the non-farm payroll data release, the overall data will influence whether to maintain the strategy or adjust it.
After two consecutive days of fluctuating and consolidating to form a bottom, the downside potential for gold in the short term has been completely closed, and the market trend has quietly shifted. The market is likely to break out of the consolidation pattern and start a new round of fluctuating upward trend.
The 1-hour chart shows that the price has formed a multiple bottom structure at the bottom, with strong support around 3950. Although the price retreated after an initial spike on Wednesday, bullish momentum is steadily building, and the price floor is shifting higher. Positive Non-Farm Payroll (NFP) data would likely provide the catalyst for further stabilization and upward movement.
Short-term strategy: Buy at 4020, target 4100. After the non-farm payroll data release, the overall data will influence whether to maintain the strategy or adjust it.
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