Gold Rebound Meets Resistance, Continuing to Look Bearish, Medium to Long-term Direction Remains Unchanged

Golden Old Cat
March 20, 2026

The essence of trading has never been about prediction, but about response. Every fluctuation is a test, every act of perseverance is growth. Maintain your rhythm and stay steady to achieve long-term success.

During midday trading, gold remained within a narrow range, oscillating repeatedly between 4650 and 4680. After an early rally, the price clearly encountered resistance, with the bullish rebound showing weakness. The overall bearish pattern remains intact, and the downward trend dominated by sellers is still clear.

From a technical standpoint, although the current price briefly stabilized above the BOLL middle band, resistance near the upper band at 4735 is very strong. The moving averages are still diverging downward, and the rebound has not broken through key resistance levels. The overall bearish structure remains unchanged. The short-term rebound appears more like a correction within the downtrend, with significant room for further decline.

Strategically, the approach remains to sell high. On rebounds to the 4695-4705 zone, traders can add short positions in batches, targeting 4655-4645. If the price breaks down strongly, it can be further targeted below 4630. If there is an unexpected break above the key resistance at 4736, the strategy should be adjusted to follow the trend accordingly.

The medium to long-term outlook remains unchanged—continue to be bearish, with targets at 4500 and 4400. The current rebound is simply an opportunity to better position for short entries at higher levels. Patience is needed to wait for the price to pull back and realize the medium- and long-term goals.

⚠️ The above analysis is for personal trading ideas only and does not constitute any investment advice. Markets are risky; trade cautiously.