How will Gold rise and fall in the first week of April?

Apr 2, 2023

The golden Friday first continued to be strong and high volatility, but the volatility was extremely narrow. It was considered a high-level pressure measurement. The upper level was continuously tested three times in 1985 and did not break. During the European market period, the market recovered, but the lower level only retreated to the 1973 line, and then there was a rebound in the shock, but there was still not much recovery momentum. Judging from the recent trend performance of gold and the rhythm of Friday's operation, although gold is more affected by emotions and is slightly stronger, it is difficult for the bulls to gain further recovery momentum. In the case of negative closing on Friday, the lack of continued recovery this week is a sign of insufficient follow-up of the bulls' momentum, which shows that although the market sentiment is extreme and bullish, different views have also emerged.

https://www.tradingview.com/x/DQ9LGPEr/
On the 4-hour chart, the upward channel in the chart is the key pattern. The suppression of the upper channel has withstood the test again on March 31. The current position close to the upper channel is also a good short-term entry position. At present, I am optimistic that gold will step out of a 4-hour bearish flag. The upper channel is the most suitable but slightly aggressive position for the profit-loss ratio, and the follow-up short orders after the lower channel breaks the level are less profitable but more stable.

So next week, in terms of gold operation ideas, I suggest that the rebound will be dominated by short selling at high levels, supplemented by long selling at low levels; the top will pay attention to the resistance of 1985, and the bottom will pay attention to the support of 1962.