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May 6 Afternoon Thought Analysis
The early session retracement and rebound pushed gold prices above 4600, breaking through previous short-term resistance, and the bullish momentum continues. Next, seize the opportunity for a pullback to buy low, focusing on support at the 4590-4600 level; as long as the pullback does not break below, you can consider entering positions.
From the 4-hour chart, the key supports below are sequentially at 4590-4600 and 4540-4550. The short-term resistance above is at 4645, with strong resistance in the 4670-4680 range. Overall, the price is mainly oscillating within a range with an upward bias.
Trading Strategy
Buy low on the pullback at 4590-4600, add positions around 4545-4550, with targets at 4650-4670; if broken, hold the position.
If the price rebounds to 4640-4645, consider shorting, with the initial target at 4590-4600; if broken, look for a move down to around 4550.