Gold's downward structure breaks and falls into short-term shock

Spot gold fluctuated and fell, hitting a low of $3,305/ounce, and is currently trading around 3,315. Although the price of gold rebounded from the low of 3,268 on Monday (closing at 3,343.91), the 5/10-day moving average formed a dead cross, suggesting that there is still a downside risk in the short term, or further testing the support of the daily middle track of 3,220.
The 4-hour level shows that the price of gold has stopped falling and rebounded above 3,260 many times, and is now back above the middle track. The short-term weak pattern has eased, and it may maintain a range of 3,260-3,360 before the release of non-agricultural data.

Operation strategy:

Short order: Conservatives wait for shorting in the 3,355-3,360 area, stop loss 3,365, target 3,260.

Long order: Pay attention to the 3,260 and 3,220 support levels to arrange long orders in batches, stop loss 5 US dollars, target 3,360.

Key driving factors:

Dollar trend: The dollar fell on Monday to support gold prices, but trade policy uncertainty still suppressed market sentiment;
Technical contradictions: The daily adjustment demand and the 4-hour range breakthrough need to be confirmed, and we need to be wary of shocks before non-agricultural data;
Data risks: This week's US economic data (especially non-agricultural data) may affect the Fed's policy expectations, and thus affect the direction of gold prices.

Conclusion: Maintain range operations in the short term, and follow up after the break.