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Mu Yao: Tug-of-war at the 4700 level! Rate cut expectations support, short-term profit-taking and buying on dips
Key levels
Relying on moving averages for oscillation and rebound, the trend alternates between gains and losses.
Support: 4690, 4670; if it breaks below 4670, the rebound will end;
Resistance: 4740-4750, 4780-4800; only a gradual breakthrough can open up upward space, avoid chasing highs in the short term.
Expectations of rate cuts and weakening oil prices are positive for gold. This week, central bank policies are intensive, with the FOMC meeting and PCE data determining the overall trend. There are no important data today; the market mainly follows technical trends.
Trading suggestions
Stand firm at 4700 with light positions for long, target 4730-4740;
Face resistance at 4740-4760, try short positions lightly;
Reminder:
The above analysis is Mu Yao's personal analysis. The market changes rapidly, and the content is for reference only. It does not constitute any investment advice!