Grace: Gold bearish trend is established, next week look for further decline to 4335

From a technical perspective, gold pulled back after surging higher on Friday, continuing the downtrend with rallies in Asian session and weakness in European session. After breaking below 4640 in US session, it dropped significantly. Both daily and weekly lines closed with large bearish candles, and the short-term uptrend structure has been destroyed.

In terms of wave structure, the first wave of decline started on January 29th, and after the second high on March 2nd, the second wave of adjustment initiated with stronger downward momentum. Friday's close was weak, and early next week will likely continue the downtrend. Short-term strategy focuses on selling on rallies, with no bottom-fishing until a clear support is established. Watch the 4400 support level below, where there may be technical rebounds, but breaking through is only a matter of time.

Daily resistance: short-term 4635-4640, key levels 4750-4760, 4800-4805; support first at 4398-4400, then 4335-4340. Trading strategy focuses on selling rallies that fail to break resistance, with real-time levels provided during market hours.

Gold Operation Strategy:
Sell in batches on rallies to 4630-4640, add short positions at 4750-4760, unified stop loss at 4780, targets towards 4335-4350.

Disclaimer:
The above analysis is Grace's personal analysis for reference only and does not constitute any investment advice!
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