Gold double bottom rebound is weak, can bulls rise again?

In today's gold market, the price retreated to around $2,890. After a rapid rebound, the gold price returned to around $2,899 again, showing a certain market recovery momentum.

Fibonacci retracement and support level From the chart, gold is currently testing an important support range of $2,890 (Fibonacci 0.236) to $2,879.86 (Fibonacci 0.236). This price range has become a key support level for short-term gold trends. If the price remains above this range, it is expected to continue to maintain upward momentum.

Trend line and rebound The price has broken through the short-term downward trend line and has begun to rebound. The current upward trend line support is around $2,880. If the price can stay above this support line, it may test the upper $2,905 and $2,920 areas in the future.

Market pressure and resistance At present, gold prices are facing strong upward pressure, especially around $2,930 (Fibonacci 0.618). If gold prices rebound to this area, they may encounter strong selling pressure, and the short-term rally may be difficult to break through.

Future trend outlook
Rebound expectations
Bullish expectations: If gold prices can stabilize the $2,890 support, they are expected to test the $2,905-2,920 area again in the short term. If it breaks through $2,905, the target can be $2,920 and $2,930.
Short expectations
Short strategy: If gold prices fail to break through $2,905 and fall back below $2,890, they may retest the $2,880 support level again. If it falls below this support level, gold prices may further fall to $2,879 or lower.
Operation suggestions
Long strategy: After stabilizing support near $2,900, consider going long with a light position, with a target of $2,920-2,930, and a stop loss below $2,880.

Short strategy: If the gold price breaks through $2,905 and fails to continue to rise, you can go short near $2,915-2,930, with a target of $2,890, and a stop loss above $2,935.

Risk warning
Investors should pay attention to global economic data and gold market volatility, especially inflation data and monetary policy dynamics. Changes in market sentiment may cause sharp price fluctuations, so please carefully control your positions and avoid blindly chasing orders.