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5.1 Morning Gold Outlook
The previous negative factors from the Federal Reserve's high interest rates and delayed rate cuts have been digested, market sentiment has recovered, coupled with rising Middle East risk aversion, a retreat in the US dollar and US Treasury yields, leading to a strong rebound in gold prices, with short sellers temporarily relieved.
Gold prices have risen from a low of 4510 to break above the 4600 level, showing short-term strength but with overbought indicators, making chasing longs risky. Resistance is seen at 4630-4650, with strong resistance at 4680-4700; support is at 4590-4600, followed by 4560-4570.
Trading should mainly follow a range-bound strategy, with buying on dips at 4590-4610, targeting above 4650. If facing resistance at 4650-4670, consider light short positions, with strict stop-loss, quick in and out, avoiding blindly chasing the rally.