3.31 Gold Morning Review | Last Battle of the Monthly Chart, Lock in High Sell and Low Buy Points

Currently, the short-term market is stuck in a sideways consolidation pattern, with increasing volatility between bulls and bears. The overall trend is weak and consolidating, awaiting a key breakout. Prices are repeatedly moving within the core support and resistance zones.
From a news perspective, geopolitical risk sentiment continues to cool down. The safe-haven benefits from conflicts between Israel and Iran, as well as tensions in the Strait of Hormuz, have been fully digested by the market. The positive impact on gold has significantly diminished, and the safe-haven premium continues to decline and contract. Meanwhile, market expectations for the Fed's rate cut remain divided, and the strong performance of the dollar and U.S. Treasury yields continues to suppress gold prices. Upcoming major economic data releases and public speeches by Fed officials will be crucial in guiding a breakout in gold.
Technical analysis shows a clear hourly trend: after rising to a high of 4580, gold continuously formed long upper shadow candles and bearish candles, with obvious resistance above. Bullish momentum is temporarily weakening. Short-term moving averages are gradually turning downward, and gold is trading below the moving averages, indicating a short-term bearish trend. However, the key support at 4490 has not been effectively broken, and the moving averages have not formed a death cross, so there is still room for a rebound and correction. Currently, there is no clear downtrend. Focus on the effectiveness of the 4490 support, and watch the resistance around 4540. The range-bound pattern is very clear.
Trading strategy reference: Short positions in the 4545-4565 range, targeting 4480-4430 below; buy on dips at 4415-4435 support zone, with upside targets of 4535-4580.