Gold (XAU) Detailed Analysis #交易CFD送黄金

(1) 4-hour cycle, moving around a downward channel with 3 waves (green arrows) downward, currently has not reached the target zone of 4384, so short-term remains bearish;
(2) The evening decline reached 4400, which is the 61.8% retracement level of the rise from 4098 to 4889, reaching a strong support area;
(3) The 3-wave decline's 100% target, 61.8% retracement level, and the lower boundary of the downward channel all fall within the 4400-4384 range, so 4400-4384 is a strong resonance support;
(4) Therefore, the 4400-4384 zone is a non-bullish zone, not to be shorted, and has the potential to end this round of bear market;
(5) If the channel's lower boundary at 4380 is effectively broken downward, the decline continues, with 4306 as the extension point for the fifth wave of this decline, so this bear market is most likely to end before 4306; (preferably ending directly in the 4384-4400 zone)
Recommendations:
(1) Aggressive traders: after seeing 4384, open a short position within 0.3% of your total, with a stop loss at 4304; (for a $10,000 capital, 0.03 lots equals 0.3% position)
(2) Conservative traders: after seeing 4384, wait at least 30 minutes or more for a major bullish surge before bottom fishing;
(3) Before seeing 4384, any rebound is temporarily defined as a short-term rebound.