4.8 Technical analysis of short-term gold operations!

Spot gold rebounded slightly during the Asian session on Tuesday (April 8), once rising above the 3,000 mark, and is currently trading around $2,995.51 per ounce. Spot gold may rebound to $3,049 per ounce, as the price has previously completed a five-wave cycle starting from $3,168.

Analysts pointed out that the peak of wave d is around $3,049, which can be used as a rebound target. It is still difficult to judge whether this cycle is an impulse wave cycle or a correction wave cycle.

If it is an impulse wave cycle, it means that the downward trend will extend to well below $2,950. The correction wave cycle shows that despite the sharp drop from $3,168, the upward trend from $2,831 remains intact.

The information shown on the daily chart is very clear. The sharp drop in the past few days seems to be driven by wave (4), which may end near the strong support level of $2,970. The next wave (5) will push the upward trend above $3167.

Resistance level: 3015----3038-----3050

Pressure level: 3000---29833-----2970