5.7 Mu Xin Huang Yu Morning Review: The golden technical recovery is complete, and low-buy opportunities are in place

Yesterday, the bullish momentum of gold continued, with the overall trend leaning higher, and the market briefly encountered resistance and pulled back after reaching around 4722.
The overall correction space is very limited, and the market has maintained a high-level oscillation and consolidation rhythm. The medium- to long-term bullish trend remains intact, and this is just a technical correction after the rise, which is normal market recovery.

The current core driver of the market revolves around expectations of Federal Reserve rate cuts, with the US dollar remaining weak and declining, coupled with fluctuating market risk aversion sentiment. Multiple positive factors are stacking up, continuously supporting gold prices. This week, focus on US initial jobless claims and employment data; if the data underperform expectations, market expectations for rate cuts will further intensify, continuing to boost gold's strength and upward movement.

Technically, the high-level oscillation structure of gold has not been broken, and the Bollinger Bands are flattening, indicating a short-term cycle correction. Support from moving averages below continues to rise, and the bulls still firmly hold the market's initiative.

In terms of trading strategy, as long as the key support level below holds, prioritize buying on dips during the day, and avoid blindly shorting against the trend.

A short-term pullback to around 4680 can be used to establish low-buy positions; for more conservative traders, wait until the 4660 level stabilizes before entering the market accordingly.
The first short-term target above is 4710; after a successful breakthrough, the next target can be 4725 to 4750 area.