Where will gold go tomorrow after a $60 plunge?GOLD / US DOLLARPYTH:XAUUSDGold_Entry_Point The storm after the gold safe-haven carnival, the long and short battles at the 3380 life and death line Fundamentals: The safe-haven feast was suddenly hit by a "black swan", and gold collapsed by $60 from a high! Today (July 23), the gold market suffered a dramatic reversal-spot gold crashed from a high of $3439, plummeting $60 in a single day to $3379, creating the largest drop in nearly two weeks! Behind this wave of "high-diving" is the sudden attack of multiple negative factors: The US-Japan trade agreement "withdraws" safe-haven demand The US and Japan suddenly reached a tariff reduction agreement, market risk sentiment rebounded, and the attractiveness of gold as a "crisis insurance" dropped by 35%. The "Eagle Shadow" of the Federal Reserve reappeared, and the US dollar fought back US Treasury Secretary Bensont urgently refuted the rumor that "Powell will not be fired", easing political uncertainty, and US Treasury yields soared (10-year bonds broke through 4.38%), and the cost of holding gold increased sharply by 35. The market's expectations for the Fed's rate cut in July have approached zero, and the "hawkish stick" hit the bulls hard. Technical selling "adds insult to injury" Gold prices encountered stubborn resistance at $3,439 (near the high point on June 16), and a large number of profit-taking orders fled collectively, triggering algorithmic trading selling. "Buy expectations, sell facts" - although the long-term bullish logic has not changed (central bank gold purchases + weak US dollar), short-term corrections after overbought are inevitable. ▶ My point of view: This wave of gold plunge is like a "hangover after carnival" - geopolitical risks and expectations of rate cuts have pushed up the bubble, but the market will eventually return to reality. However, the 3380-3370 area (50-day moving average + previous high support) will be the "last line of defense" for bulls. If it is lost, panic selling may point directly to 3330-3350! 2. Technical aspect: The "guillotine" of bulls has appeared, and 3380 has become the life and death line! Daily level: “Structure” pattern confirmation: yesterday’s high and fall back long upper shadow + today’s big negative line, suggesting a short-term peak. Key support: 3380-3370 (previous high conversion position + psychological barrier) → if it breaks, look down to 3347 (50-day moving average). Resistance: 3400-3405 (rebound high, new short-term defense line). 4-hour level: MACD dead cross + RSI falls below 50, short-term momentum turns to bearish 57. If the rebound does not exceed 3400, it may form a “falling flag” and continue the decline. Technical aspects have sounded the alarm! 3380 is the “buy-short watershed” - if it holds, it will fluctuate at a high level, and if it falls below, it will start a deep correction. But don’t forget that the long-term trend of gold is still “buy on dips”, and 3330-3300 may be the “gold pit” for medium-term bulls! Operation strategy: How to “snatch food from the tiger’s mouth” after a sharp drop? Aggressive short selling (higher risk) Rebound 3400-3405, try short with a light position, stop loss 3415, target 3380→3360. Break below 3370, chase short, target 3347-3330 (strict stop loss 3385). Steady low long (wait for stabilization) Try long (30% position) when 3380-3370 is touched for the first time, stop loss 3360, target 3400. 3330-3300 area, arrange medium-term long orders in batches, stop loss 3280, target 3400. Breakthrough strategy Stop loss on short orders when 3405 is stable, chase long orders, target 3430. Don't blindly buy the bottom after the plunge! Wait for the reversal signal before taking action. Wednesday's plunge reminds us that there is no "forever rising" asset in the market! Even if you are bullish in the long term, you need to be awed by volatility in the short term. Strict stop loss is the rule of survival, especially to avoid "heavy betting on direction" in an emotional state!