Gold rebounded from the bottom. Is the decline over?

Gold prices faced selling pressure in today's Asian market. The price fell from 3343 to around 3320 in the early Asian session. The European price continued to fall, reaching a low of around 3296, and then rebounded upward. The current price is fluctuating around 3320.

Most investors will focus on the minutes of the Federal Open Market Committee (FOMC) meeting to be released on Wednesday to get guidance on the trend.

From the hourly chart, the upper pressure position is constantly being corrected. The current average pressure value is around 3330-3335. At the same time, this position is also the watershed between long and short positions in the previous dense area. The price may rebound to this position again. The lower support level is in the range of 3300-3290.

Quaid believes that the current market is still showing a downward trend, and the price may fall back below 3300 again.

Operation strategy:

Short around 3330, stop loss 3340, profit range 3310-3300, sustainable ownership after breakthrough.