For intraday trading, maintain a Buy-focused strategy!

XAUUSD Gold Traders
06-12

Technical Analysis: $S&P 500(.SPX)$

Looking at the H1 (1-hour) chart for gold, the price has undergone a clear downtrend and, following a recent rebound from lows, is currently in a consolidation phase.

V-shaped Reversal and Bottom Formation: The price has formed a local “double bottom” or a variant of a “head-and-shoulders bottom” near the 4036 level. This was followed by a strong rally with consecutive bullish candles and increased volume, directly breaking through the previous downward resistance.

Bullish Scenario (High Probability, 60%): If support at 4176-4150 holds, the price will continue to rebound and test 4220-4250. A break above 4250 could target 4300. V-shaped rebound momentum remains intact, and trading volume has not significantly contracted.

Bearish Scenario: A break below 4176 would trigger a rapid retest of 4100-4050. Reason: The larger-scale downtrend remains intact, making a second test of lows after a rebound likely.

Medium-term: A wide-range consolidation is highly likely, trading within the 4050-4350 range. Monitor whether the price can hold above 4300 to form higher lows; otherwise, it will continue to test 4000.

For intraday trading, maintain a Buy-focused strategy! Use Sell as a supplement! (Note: Today is the last trading day of the week; strictly control risk.)

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