Gold Intraday Market Analysis

This morning, gold opened with a gap down, with short-term bearish momentum releasing quickly, causing the market to weaken rapidly and enter a weak oscillation phase.
Short-term sentiment is heavily bearish, but do not blindly chase short positions.
4650 remains the current key strong support level, with sufficient defensive strength.
Today, prioritize positioning above this support to capture a rebound within the range.
Look for a correction and rebound in the price!
On the news front, risk aversion sentiment in the overnight market has temporarily cooled,
the US dollar index and US Treasury yields have both rebounded and risen,
forming a clear short-term resistance, which is also the main reason for this morning’s gap-down opening in gold prices!
However, the medium- to long-term support logic remains intact,
the Middle East geopolitical tensions continue to be tense,
the safe-haven demand provides long-term support,
plus ongoing gold purchases by central banks worldwide,
building a solid bottom foundation for gold prices.
Currently, the bearish factors are only short-term, temporary impacts,
lacking sustainability, and unlikely to drive a deep decline in the market!
Technically, after the price opened lower, it maintained sideways consolidation,
the bulls and bears gradually eased their battle.
The key level of 4650 has been tested repeatedly,
strong buying support is a crucial defensive bottom line for the bulls!
The 4-hour indicator has entered oversold territory,
bearish momentum continues to weaken and deplete,
there is a strong technical rebound and correction demand in the short term.
Focus on the resistance zone of 4720–4750,
if the price rebounds to this area, it is likely to face resistance and pull back!
Intraday Trading Strategy
Core range for today: 4650–4740
When the rebound reaches the resistance zone of 4710–4730,
consider short positions with the trend, targeting 4680–4650 in the short term;
if the price effectively breaks below the strong support at 4650,
look for further declines towards 4600, 4550, and 4500 levels!
If the price pulls back to stabilize at 4650,
consider long positions with the trend, targeting 4700–4740!
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