5.8 White Mu Xin Yellow Fish Morning Review

Gold overall moves in a volatile consolidation pattern, surging to touch the 4764 high point before quickly falling back, dropping to the 4685 level, directly resulting in an 80-point decline!
To be straightforward with everyone: this is just a normal profit-taking correction within an upward trend, even if there is a slight pullback later, the overall bullish trend remains solid and intact, not at all broken.
On Friday, the market was locked in a wide range of 4660-4770 with sideways oscillation. The central bank has been continuously increasing gold holdings for 18 months, combined with tense global geopolitical situations, which has long solidified the long-term bottom for gold. A single downward shadow candle cannot shake the main bullish direction.
Before non-farm payroll data is released, without any major news stimuli, the market is likely to remain in a sideways tug-of-war. Considering the high uncertainty of weekend news, it is not recommended to hold positions overnight; sticking to intraday high sell and low buy within the range is the prudent trading approach.
Trading reference
A pullback near 4660 can be used to establish long positions, targeting 4720-4750;
If resistance appears in the 4730-4750 range above, consider short positions accordingly, with a fallback support at 4670-4680. $XAUT