3.20 Jian Xi Noon Commentary

Yesterday, gold pulled back to the 4-hour MA120 key support level and welcomed a technical rebound. In the morning session, it continued to rise from around 4650, with obvious buying support below. Short-term has entered a shock repair phase. Above, first pay attention to the 4745 resistance pressure. Whether it can effectively break through will directly determine the rebound space of this round.

From the 4-hour level, the overall trend is still in a bearish pattern. Although the decline has slowed down, short-term rebounds are needed, but this is only technical repair in the downtrend process, not a trend reversal. @

For operations, the rhythm should be clear: short-term can use light positions to trade the rebound, while the overall layout should still be mainly short. Above, 4860 is a strong resistance zone with strong suppression strength. Conservative investors can wait for the price to rebound to this zone before choosing to open short positions, which has better value for money. $XAUT