5.6 Gold Midday Market Outlook by Shiyuan



Gold is currently trading around 4675. The recovery rhythm that started from the low of 4505 is strong; it has broken above the upper edge of the prior range and has returned near the high level.

On the 4-hour timeframe, bullish momentum continues to be released, and the overall bias remains strong. Key to watch above is the 4715 prior high pressure; support below is the 4650-4630 range. If the pullback does not break, the bullish momentum may continue. In terms of approach, the focus is on buying on dips, and it is not recommended to chase the highs blindly.

Shiyuan’s trading suggestion: After waiting for the price to pull back and for the 4650-4630 support zone to stabilize, you may consider following up with long positions. The target is around the 4700-4715 area. If the price breaks below the 4620 support, the short-term bullish momentum may be disrupted, so be alert to the risk of a deeper pullback.
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