5.6 Gold Midday Analysis: Surge Fails to Gain Strength, Faces Resistance and Pulls Back, Short-term Slightly Weak, Expecting Adjustment

Gold clearly faces resistance after midday surge, unable to continue strengthening after reaching key resistance above, with short-term bullish momentum gradually fading, and the market beginning to shift into a slightly weak correction pattern.

This rebound is only a temporary minor correction, not a restart of a new upward trend. After the price surged, trading volume was insufficient to support further gains, with obvious resistance above, and signs of short-term resistance and pullback have already appeared. The daily chart shows high-level stagnation, with upward momentum gradually diminishing, and the hourly chart forming a high-level downward reversal pattern, with signs of weak rebound and resistance-induced weakening becoming prominent.

The overall pattern has shifted from strong to weak, and the midday strategy is mainly to follow the trend and observe adjustments, avoiding blindly chasing highs.
Upper resistance is around 4685-4670, and positions at resistance can be taken advantage of for layout;
For pullbacks, first watch around 4580, and if broken, further downside targets are at 4550 support. $BTC $ETH #Gate广场五月交易分享 #比特币站稳8万关口