5.7 Evening Gold Analysis



Gold on the 4-hour timeframe has broken out of a W-bottom. The price is trading above the 4700 level, the lows are continuing to rise, and the bulls’ pace is steady.

There is resistance near 4753 in the short term. Below, 4710-4715 is a pullback support zone. Bullish momentum is currently dominant, but there is a need for a retracement at higher levels.

Risk-aversion sentiment + a weaker US dollar provide support for the gold price. There is no negative catalyst for the time being to interrupt the upward momentum—focus on the evening’s volatility.

Trading suggestion: Buy on the pullback at 4713-4725, target 4757-4763.
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