Yichen: Non-farm payrolls blow through the gold bull market! The 4600 level is broken, and the bear feast has just begun

The core driver of this decline comes from the US March non-farm payroll data released last Friday: new jobs exceeded expectations with a rebound, the unemployment rate fell, and wage growth remained high, completely shattering market expectations of a Fed rate cut in June. Coupled with the post-holiday correction after Good Friday closure, gold long positions took profits and rushed out, forming a downward trend with more sellers than buyers.

From a technical perspective, the four-hour Bollinger Bands middle band at 4652.93 has been effectively broken, with the price moving between the middle and lower bands. The Bollinger Bands are diverging downward, indicating a medium-term downtrend. The KDJ indicator shows a death cross downward, with the J value quickly falling to 29.20. The bearish momentum has not been fully released, and there is still room for short-term decline.

Suggestions:
Pull back around 4655-4675 in batches, targeting 4580, 4500

Disclaimer: The above analysis is for reference only and does not constitute investment advice. Trade at your own risk. $XAU