Last Friday, gold bottomed out and rebounded in the late trading session, with the daily chart closing at a long bearish candlestick. Yesterday, after hitting the downward pressure line, the rebound in the Asian and European stock markets came under pressure and failed to break through, leading to a second downward trend. The current market is at a critical juncture, where long and short factors are intertwined, and intraday trends are extremely important.

On the news front, both long and short factors coexist. Atlanta Federal Reserve Chairman Bostic stated that the Fed can only cut interest rates once this year, not twice. Tariff hikes hinder inflation progress, and Fed Chairman Powell reiterated that he is not in a hurry to cut interest rates, stating that the US economy is stable. This series of speeches has suppressed the trend of gold. However, the US S&P Global Manufacturing Index PMI fell to 49.8 in March, a three-month low; At the same time, Egypt has put forward an emergency proposal to Israel and Hamas to restore the ceasefire in Gaza, but the Israeli military has been exposed to have formulated a plan to reoccupy Gaza, which has to some extent boosted risk aversion. In addition, the 12 hour talks between Russia, the United States, and Saudi Arabia will continue, and White House sources have stated that there will be positive news about the smooth progress of the talks, and attention should be paid to whether the risk aversion will subside.

Technically speaking, the current gold price is operating in a triangular range, with an extended correction cycle. On the one hand, it is difficult for bulls to rebound directly back to strength after being under pressure from a surge; On the other hand, the pullback is supported by the key top bottom transition support band of 3005-3000. This trading day focuses on the gains and losses below last Friday's low of $3000, as well as the breakthrough below the 3022 pressure line above. If unable to break through, there is a high probability of high selling and low buying around this range within the day.

In summary, gold is currently in a stalemate between long and short positions. The breakthrough of the technical triangle and the results of the long short game on the news side will determine the direction of gold's future trend. Pay close attention to the breakthrough of the 3000/3005 USD support line and the 3022 pressure line within the day.

Investment carries risks, and caution should be exercised when entering the market. The above suggestions are for reference only.