4.29 Gold Midday Outlook

In the early trading session, gold stabilized at a low level and rebounded, with downward momentum gradually weakening. The overall bullish pattern remains intact, and the medium- to long-term upward trend has not changed.

Yesterday's short-term pullback was a technical correction and shakeout in the market, not a trend reversal. Currently, the market is consolidating and forming a base, with sufficient upward momentum for subsequent gains. It is an excellent opportunity to position for long positions at low levels.

The market has already digested expectations of the Federal Reserve's high interest rate policy. Although the timing of rate cuts has been delayed, the overall easing expectation remains unchanged. The upward momentum for the dollar and U.S. bonds is limited.

Tonight's Federal Reserve policy meeting and Powell's speech are generally dovish, making it difficult to sustain a boost to the dollar, which provides strong support for gold prices. Coupled with continuous gold accumulation by central banks around the world, the strong bottom support makes deep declines unlikely, and the long-term upward structure remains solid.

Trading Recommendations
Gradually build positions at 4530-4550
Stop-loss level: below 4500

Targets
4620, 4650, 4700
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