May 7th Wenjie Gold Morning Review

Market Review
Yesterday, international gold hit a bottom and rebounded strongly, with a significant rally throughout the day. This morning, the high-level consolidation continued. As of the early trading session, London gold remained around $4,690 per ounce, with domestic gold prices rising in tandem, showing a strong bullish trend overall.

Core Influencing Factors

Geopolitical risk aversion sentiment combined with a weakening dollar and rising expectations of Federal Reserve rate cuts jointly drove the gold price rebound; however, in the short term, the gold price has risen too much, technical indicators are overbought, bullish momentum is waning, and there is a need to watch for high-level pullback risks.

Key Technical Levels

Resistance above: 4720-4750
Support below: 4660-4680

Intraday Trading Suggestions (For Reference Only)
Buy on dips around 4660-4670, targeting 4700-4710, stop-loss below 4650. If broken, look towards 4750.