5/8 Gold Morning Outlook Analysis



Yesterday, gold prices surged then pulled back, showing a mostly strong oscillation, touching 4720 in the early session before facing resistance and falling back, retesting 4692 at midday and stabilizing with a rebound, and after surging to 4753 during the European session, pulling back from the key resistance, maintaining a high-level oscillation pattern throughout the day.

The technical daily chart shows a complete bullish trend, with moving averages aligned bullishly, and the medium-term upward structure remains unchanged; the short-term cycle is trapped in a 4700-4720 range oscillation, with strong resistance clearly at 4750-4760, and support at 4680-4690.

Trading Suggestions

Pullbacks around 4645-4665 for light positions, targeting 4720-4750, with a breakout aiming for 4780-4800.

Tonight, non-farm payroll data will be released. Before the data, market trading is cautious, and there is a need for correction at high levels. Do not chase rallies during the day; focus on buying on dips, and patiently wait for stabilization and layout opportunities.
BTC-1.71%
ETH-1.93%
XAUT0.42%
View Original
post-image
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin