5.6 Gold: Double Bottom Structure Emerges, Short-term Upward Momentum Still Insufficient

Gold Market Review: Yesterday, gold prices dipped to the 4510 range, then the white trading session began with a slow rebound, rising to test the 4588 level before facing resistance and pulling back. It has been emphasized earlier that market funds are flowing into cryptocurrencies, U.S. crude oil, and U.S. stocks at low positions. Coupled with the domestic holiday closure, liquidity in the market is scarce, and the upward pressure on gold prices is evident. Yesterday, based on the 4580 support level, a pullback strategy was adopted, and profits were smoothly taken in the evening.

Today, the domestic market opened, and along with U.S. crude oil and the U.S. dollar index hitting bottom simultaneously, gold prices surged again, rising above 4600. From a long-term structural perspective, a double bottom rebound pattern has initially formed in the current market. However, due to weak market liquidity and the strong support at the 99-100 level for U.S. crude oil locking in funds, gold currently lacks sufficient momentum to sustain a continuous rise. Only if it can effectively stabilize above the 4700 level can the subsequent upward space be opened.

The intraday market continues the upward surge pattern, with key short-term focus on the range: resistance at 4640-4650; core support at 4520-4480. Currently, U.S. crude oil remains above the critical 100 level without breaking, and gold's upward momentum remains limited.

Trading Strategy: Without major news stimuli, a rebound to the 4640-4650 range can be used to position for a pullback; a dip to the support zone of 4520-4540 can be considered for low-buying longs. Pay close attention to the movement of crude oil; if crude oil effectively breaks below the 99 level, the gold outlook should immediately switch to a long position.