Liang Ge Daily Profit | 3.22 Gold Weekly Preview



The weekly line closed with a large bearish candle, with downward expectations continuing next week. Key support to watch is the previous low around 4400; if it holds, we expect continued consolidation in a large range with rebound space of approximately $400, looking up to the 4800-5000 zone; if 4400 is effectively broken, there's at least another $200 downside space, with equal amplitude target around 4225-4200.

Weekly resistance focuses on the top-bottom conversion level at 4683, where we can establish short positions targeting the 4400 level.

The daily line on Friday closed with long upper and lower wicks bearish candle, after intraday wash-out the EU/US session weakened. Monday's main strategy is to short on rebounds, with upper resistance at 4660.

Hourly resistance at 4570, in weak market conditions can short from around 4545; in extreme weakness, don't rule out a direct pullback near 4517.
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