Gold plunges $150, with oscillation and correction as the main trend

This morning, Trump's bearish remarks triggered a market sell-off, causing spot gold to drop $150 instantly, and safe-haven sentiment cooled rapidly. After the sharp decline, selling pressure was released, and technical oversold conditions appeared. Today's market will mainly focus on oscillation and correction, so trading should closely follow the range and adapt flexibly.

In the early session, influenced by Trump's "ceasefire and troop withdrawal" comments, geopolitical safe-haven demand quickly diminished, leading to a rush of long positions exiting gold. Coupled with the return of the dollar and profit-taking, gold prices plummeted $150 to a low of $4,648. Currently, the bearish sentiment has largely been realized in the early session, and since the situation is not fully settled, uncertainties remain. Light data releases will also support the market's return to oscillation and correction.

The short-term sharp decline has caused technical oversold conditions, with strong support around the 4650-4660 zone. Resistance for rebounds is seen in the 4720-4750 range.

The core intraday strategy is range trading, avoiding chasing highs or lows. Consider a light position on dips back to 4650-4660 with stabilization, stop-loss at 4620, and target 4700-4750; for short positions on rebounds at 4740-4750 encountering resistance, with stop-loss at 4780 and target 4680-4700. Maintain a light position, trade quickly in and out, and strictly control risk with stop-losses.

The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng and Shi Pan's layout for specific trading strategies.