3.19 Jian Xi Evening Analysis

U.S. stock market indices plummeted overnight across the board, with A-shares declining in sync. Market risk-off sentiment has shifted to U.S. dollar and cash assets in the short term. Gold's safe-haven properties have weakened cyclically as capital concentrated on exiting precious metals, triggering coordinated sell-offs. The market repriced the Fed's rate-cutting pace downward. Strong U.S. economic data further reinforced expectations for delayed rate cuts, strengthening the dollar index and directly suppressing gold priced in dollars. After gold prices broke below key moving averages and the Bollinger Bands lower band, substantial stop-loss orders triggered simultaneously. Algorithmic trading amplified selling pressure, forming a negative feedback decline loop of breakout → sell-off → further breakout.

Gold prices have effectively broken below the prior consolidation platform and core support levels. A short-term bearish trend has been established; the moving average system shows bearish alignment, continuing to suppress bounce strength. The next core support zone focuses on 4660-4670. If effectively broken, it will open a new downside space. The key resistance above is in the 4720-4730 zone, serving as the dividing line for short-term bounce strength. The KDJ indicator has entered oversold territory, indicating short-term technical correction bounce potential, but bounce space is limited and difficult to reverse the overall bearish pattern.

On bounces to around 4720-4730, scale into short positions with targets at 4700, 4660, and 4600 respectively. Maintain strict risk control and follow the trend. #黄金 $XAUT