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Gold Price Flash Crash Followed by V-Shaped Reversal, Don't Chase Shorts at This Level!
Evening gold price plunged sharply, dropping 70 points, but bears failed to capitalize on the advantage and instead quickly recovered the losses. Currently, the price has reclaimed the 4400 level, with short-term pullbacks finding support at 4390 before staging a second rebound. The chart clearly shows downside momentum has weakened.
Chasing shorts at this point offers poor risk-reward, instead consider relying on the support zone below, set a proper stop loss and play for a rebound. Above, first watch around 4470; if broken, then look toward the 4500-4560 range.
Evening Analysis Reference
Short-term Strategy: Focus on dip-buying on pullbacks
Support Zone: 4490 area
Target Range: 4470 → 4500-4560
(The above is merely personal analysis for reference only. Investment carries risk; enter positions with caution.)