5.13 Gold Today's Analysis
Yesterday, gold showed a downward trend followed by an upward correction. During the Asian and European sessions, prices fluctuated downwards, hitting a low around 4638 and then stabilizing. With strong support in place, it initiated a robust rebound. In the US session, bulls gradually recovered all intraday losses, with the closing price settling firmly at 4715. The daily candlestick formed a long lower shadow, clearly indicating solid low-level support and a weakening of bearish momentum. The short-term market is clearly under the control of the bulls.
On the news front, the US dollar index is maintaining a narrow range, indirectly providing ample opportunities for gold to rebound. The market is generally waiting to see the Fed's next moves on monetary policy, with investors keen to position themselves at lower levels, continuously pushing gold prices higher.
From a technical standpoint, the Bollinger Bands are slightly widening, and prices have successfully broken through the middle band, gradually testing the upper band resistance. Currently, there is short-term resistance at 4726 and core support at 4692. Gold prices are operating within the upward channel, with bullish momentum still strong. However, short-term indicators show slight overbought conditions, suggesting a need for a pullback to correct before further highs, so avoid blindly chasing the price up.
A pullback to around 4680-4660 could present a buying opportunity,
with targets set at 4730—4780.
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