Hello tradersļ¼
Overall, gold’s daily chart shows a shift from strength to weakness, with the upward momentum abruptly halted. It has entered a short-term correction phase, but the medium-term bullish trend has not collapsed. This pullback is a consolidation phase after the initial rise, not a complete reversal.
Yesterday, gold rebounded significantly after testing the $4400 area, indicating that a bottom has formed. The probability of gold hitting new lows in the short term is low. Today, we maintain our strategy of buying gold at lower levels. Analyzing the 4-hour chart, we are watching the $4480-$4485 resistance level above and the $4415-$4425 support level below. These two areas represent our opportunities.