Is it a washout or a trend change? Gold unexpectedly rebounds in a 'deep V' at 4655. Is the bottom-fishing opportunity here?

Today's spot gold early session performance has been thrilling, opening around 4784 but failing to maintain strong momentum. Instead, due to the negative impact of yesterday's US ADP employment data and non-manufacturing PMI both exceeding expectations, panic selling ensued in the market. The gold price quickly plummeted, reaching a low of 4655.62 during the session, with a daily fluctuation exceeding 120 US dollars at one point.

However, amidst the market's bearish sentiment, gold staged a V-shaped reversal at the strong support area of 4655, quickly recovering the 4700 mark and currently stabilizing around 4740. From the market perspective, the sharp drop in the early session appeared more like a 'bad news fully priced in' washout action. With 4655 being a zone of high trading volume tested multiple times previously, its support strength has been validated, with a surge of bottom-fishing funds and short covering establishing the tone for an intraday recovery.

The daily chart recorded a long lower shadow bottom-finding candlestick, with the 4-hour MACD showing initial signs of divergence, and the 15-minute chart forming a complete reversal structure. In the short term, 4655 has become an insurmountable lifeline for bulls. The first resistance level above to watch is the 4770-4780 range, which is the gap to be filled from the early session jump and a key battleground for bulls and bears; if effectively broken, the rebound space will be fully opened, aiming directly at the 4800 round number.

Intraday operation suggestion:

Gold 4683-4694 buy on dips, fall back to 4665-4672 to add buy, stop loss at 4653, target first at 4780, and if broken, aim for 4900. #黄金 $XAU