🔥Gold will have major corrections

From a technical analysis, gold has been seriously overbought, not only on the daily and hourly charts, but also on the weekly level. In the past month or so, gold's crazy rise has been mainly based on expectations of an interest rate cut by the Federal Reserve. The trend of gold hitting new highs has caused the entire financial market to be shrouded in the strength of gold. Although this extreme emotional trend looks very strong on the surface, in actual operation it is not easy to find suitable entry opportunities, making it difficult for traders to make decisions.

The daily chart continues to rise, and technically it also needs to be adjusted. At present, after the continuous high fluctuations on the 4-hour chart, the K-line has begun to show signs of gradually falling below the short-term moving average. The strength and persistence of the price rebound after touching the previous support band are not too great. In terms of short-term trends, There are signs of gradually weakening. The 1-hour chart shows a certain degree of divergence, with the K-line gradually falling below the short-term moving average, indicating that gold will continue to adjust to a certain extent in the short-term trend. Gold rebounded to around 2360 today and then quickly fell back. The rebound highs were successively lowered, indicating that the bulls began to weaken. At the same time, the United States will release heavyweight CIP data today. If the data is negative for gold, it is expected to peak in the short term, and adjustments will be carried out next.
On the whole, today's short-term operation of gold is mainly short-selling on rebounds, supplemented by long-selling on callbacks. The top short-term focus is on the 2360-2365 resistance range, and the bottom short-term focus is on the 2338-2342 support range.

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Today the gold market will focus on US CPI data and the minutes of the latest Federal Reserve meeting. These two major events are expected to ignite the market.

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According to a Reuters survey, economists predict that U.S. CPI will increase by 0.3% month-on-month in March, slightly lower than the 0.4% increase in February; U.S. core CPI in March is expected to increase by 0.3% month-on-month. CME Group's "Fed Watch" tool shows that before the release of the U.S. CPI report, the interest rate futures market is betting on the probability of a rate cut in June, rising from 52% on Monday to 58%. The minutes will cover FOMC officials' discussion of economic growth and inflation expectations and, while unlikely to contain breakthrough information, will provide market insights. In addition to U.S. interest rates, some analysts believe geopolitical risks could increase demand for safe-haven assets, including the U.S. dollar. In contrast, unless there is a major change in the geopolitical situation, the US Consumer Price Index (CPI) data for March will be the main focus of the market. In addition, investors also need to pay close attention to the speeches of Federal Reserve officials, especially the key contents of the Federal Reserve meeting minutes. It is worth noting that this trading day will also announce the interest rate decisions of the New Zealand Federal Reserve and the Bank of Canada. These two events may also have an important impact on the financial market. Investors should pay close attention to economic data, interest rate policies, geopolitical risks and currency Value and other factors, these factors may have an important impact on gold prices.

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After the March CPI data of the US was released, the price of gold dropped sharply to around 2330, which was exactly in line with the short orders we had placed in advance. Our VIP members made profits of more than +180 PIPS

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Looking at the 1-hour chart: This downward trend in gold prices has now touched the upward trend line. Although the decline was accompanied by a rebound, compared with the previous unilateral upward move, the rebound was not as strong as before. For late trading operations, refer to the short order opportunities near 2340-2345.