Yesterday, the gold market experienced intensifying volatility, with fierce long-short positioning battles during the session. Prices once dipped to the key support level of 4970, triggering a technical rebound. However, the rebound momentum was relatively limited. After rising to the 5050 line, it encountered strong selling pressure and retreated again, ultimately closing with a bearish candle for the day. Overall, the market displays a weak pattern of rally-and-decline. From recent price action, gold's rebound momentum continues to be insufficient, upper selling pressure gradually intensifies, and lows keep moving lower, with the short-term price structure clearly leaning toward bearish dominance.

From a market sentiment perspective, the ongoing battle between Fed rate expectations and global risk-off sentiment continues to be the core factor affecting gold prices. Influenced by the period strength of the US dollar index, bullish confidence in gold has been shaken, and price advances consistently lack effective support. In the short term, there is no clear unidirectional upward momentum, with the overall trend maintaining a weak, range-bound operating tone.

From a technical perspective, the 5050 line serves as a key recent resistance level, demonstrating particularly clear suppression effects. Gold prices have attempted to break higher multiple times without successfully penetrating through, forming a clear top resistance pattern. Simultaneously, price lows continue to shift lower, and the bearish trend becomes increasingly apparent. Before effectively breaking through the key 5050 resistance, we expect the market to continue its weak, range-bound trading rhythm.

Operationally, we recommend maintaining a short bias, with focus on shorting opportunities when prices rebound to the 5030-5045 resistance zone. Downside targets can sequentially focus on the 5000-4990 range, with further support noted at the 4950 line. Strictly implement position management and risk control.

Disclaimer: The above content is merely personal market analysis and trading ideas sharing and does not constitute any investment advice. Market volatility carries uncertainty, and trading involves risk. Investors must make cautious decisions based on their own circumstances and trade rationally.#比特币站上7.5万美元 #英伟达GTC2026大会召开