Gold Intraday Analysis

This morning, gold opened with a gap down, with short-term bears intensifying their efforts, causing the market to weaken rapidly and enter a weak oscillation pattern overall. Short-term bearish sentiment is being released in full force, but do not blindly chase the short side. The key support level at 4650 is strongly defended, so early trading should primarily rely on this support for positioning, aiming to capture profits from range-bound rebounds and corrections.

On the news front, overnight, global risk aversion sentiment temporarily cooled down, with the US dollar index and US Treasury yields rising slightly in tandem, which exerted short-term pressure on gold prices and was a core reason for the gap-down opening. However, the medium- to long-term bullish logic remains solid: ongoing Middle East geopolitical conflicts keep risk aversion demand persistent, combined with continuous gold purchases by various central banks, building a solid bottom for gold prices. The current bearish impact is only temporary and does not have the momentum to sustain downward pressure or trigger a deep decline.

From a technical perspective, after the gap-down, gold prices maintained sideways consolidation, with the bulls and bears gradually balancing out. The 4650 level, tested multiple times, remains an important strong support and the bottom line for bulls’ defense, with ample buy orders around this area. The 4-hour cycle indicators have entered oversold territory, with bearish momentum continuously diminishing and gradually exhausting, indicating that the short-term market has conditions for a technical rebound. Focus on resistance around 4720-4750; if prices rebound to this zone, they are likely to face resistance and pull back.

Trading suggestion: Focus on the 4650-4740 range intraday.

If prices rebound to around 4730-4740 and face resistance, consider short positions targeting 4680-4660. If the 4650 support is broken, look further down to 4600-4550-4500.

If prices stabilize after falling to 4650, consider going long at this level, aiming for 4700-4730#WCTC交易王PK