Gold in-depth technical analysis: the downward trend continues, short target 5000!

Afternoon market summary: Gold prices followed the expected downward trend in the afternoon, hitting a low of 5055. 👀This fully confirms our previous analysis – we placed a sell order near the overhead resistance to take profits on the downtrend. 🚀

Weekly forecast: Judging from the weekly chart, gold prices may fall by about 1% this week. 📉 If this happens, it will be the first time since November last year that gold prices have fallen for two consecutive weeks. Gold’s bullish momentum has clearly stalled since recent geopolitical tensions, which erupted two weeks ago, and there are no clear signs of resolution in the near term. Market demand for gold as a safe-haven asset temporarily weakened its upward pressure. 🌍

European session trading strategy: After this round of decline during the European session, it has become difficult for gold prices to rise above the 5120 mark again. 💪 Therefore, during the European session, we should focus on the resistance level near 5120 and adopt a strong short-selling strategy. It is expected that the market will continue to decline. 🎯 The initial target is 5030; if the price falls below, the next target will be the 5000 psychological mark! 💰

Daily chart analysis: Judging from the technical form of the daily chart, gold prices still need to fall below $5,000 per ounce again in the near future. 🔮This means that over the next two days, we should focus on the main resistance area above, which is the 5145-5170 range. If the price falls below this range, we will maintain our bearish outlook and target the 5000-4900 range. ⬇️

Long-term view: It is important to emphasize that the logic of gold’s long-term rise still applies. 🌍📈For medium and long-term physical gold investors, it is recommended to maintain the current low-price position without worrying about short-term fluctuations. However, as we warned at the beginning of the week, chasing prices higher is not feasible at this time; so don’t rush into buying just yet. Gold prices are currently in a typical high consolidation stage and have not yet formed a unilateral trend. Waiting patiently for a better entry point is the best strategy.

🎯Short-term gold trading strategy reference-March 13🎯
Basic Idea: A short-term day trading strategy focuses primarily on selling on rallies, followed by buying on pullbacks to major support levels. Please be sure to control the position size, set stop loss orders accurately, and avoid holding losing positions!

Main resistance level: 5120-5130
Main support level: 5050-5000

Short selling strategy:

Strategy 1: When the gold price rebounds to the 5120-5130 area, sell positions can be established in batches (as the price falls).

Position size: We recommend using 20% ​​of your capital.

Stop Loss: Set above 5150.

Target: Range 5080-5050. If it breaks through successfully, it may further touch the psychological mark of 5,000 points. 🏹

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