The data is negative. Will the price rebound from the bottom?

Gold prices have continued to fall since the high near 3450. This trading day started the downward mode near 3328, and the European session continued to fall, breaking a new low. The negative PCE data also continued the downward mode. So far, it has rebounded after hitting the lowest level near 3255. However, the rebound is small, and the upper pressure is still very strong.

From the 4-hour chart, short-term resistance focuses on the vicinity of 3295-3300, followed by important pressure near 3315. The short-term support below focuses on the vicinity of 3265-3270. The overall strategy of shorting at high positions remains unchanged based on this range.

Operation strategy:

Short at the price rebound near 3295, short covering at the high point of 3315, stop loss 3325, profit range 3370-3360.

At present, the price fluctuates greatly. If you want to try scalping transactions, you can trade with a light position and float up and down 5 points to stop loss or profit in time.

This is the last trading day of this week. I hope you all will gain something and have a happy weekend with your family.