5.4 Morning Gold Outlook

The Federal Reserve maintains a generally hawkish stance, with high interest rate policies continuing to be implemented. Coupled with multiple officials issuing hawkish remarks intensively, market expectations for rate cuts this year continue to cool down, further tightening bullish expectations.
U.S. Treasury yields remain high, continuously increasing the cost of holding gold, with large capital flows into the bond market, exerting ongoing pressure on gold prices. Currently, bullish momentum for gold is gradually weakening, with the market lacking substantial positive support, and rebound strength is weak. Each rally faces resistance and pulls back, with overall momentum severely lacking.
Before the non-farm payroll data is released, gold prices remain unable to effectively stabilize above the key level of 4640, maintaining a predominantly weak and volatile pattern.
This week, focus first on the effectiveness of the key support at around 4610; 4640 is the dividing line between bulls and bears in this round. If the market cannot break through and stabilize above this level, the weak downward trend will continue.
Trading Suggestions
A rebound to around 4630—4650 can be considered for short positions,
Targeting around 4590—4540.