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May 5th, Tuesday Gold Intraday Market Analysis
Gold has recently pulled back slightly, which is just a normal correction after reaching high levels, and the overall bullish trend remains intact without turning downward.
Currently, gold prices are stabilizing around the key support zone of 4500-4510, with downward space almost exhausted. The four-hour downward momentum continues to weaken, and all technical indicators are entering oversold territory, suggesting the market may soon bottom out and rebound.
On the news front, market expectations of interest rate cuts and risk aversion sentiment continue to support gold prices. The short-term strengthening of the US dollar is only a phase of fluctuation and is unlikely to suppress the bullish trend of gold in the long term.
In terms of trading strategy, go long around the support zone of 4520-4510. In the short term, look for a rebound target of 4560. If a strong breakout occurs, the next target could be the 4600 level.