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Enze: Data is overwhelmingly positive but prices plummeted? The gold correction mode has begun!
On March 9th during the Asian market session, gold opened sharply lower, with the 5160-5180 resistance zone effectively tested. After breaking below 5060, the price touched a low of 5015, then stabilized and rebounded, currently around 5080.
On the 30-minute chart, RSI and KDJ have rebounded from oversold territory, showing signs of a golden cross, so it’s not advisable to chase blindly.
The 4-hour chart shows the price rebounding from the lower Bollinger Band, with indicators diverging, indicating weakening downward momentum, and a short-term technical correction is needed.
Currently, the price is fluctuating within the demand range of 5063-5093.
If the price breaks above and holds at 5100, it indicates the upward trend will continue, with target levels at 5130 - 5150 - 5180.