May 8th Gold Brief Analysis: Resistance at High Levels, Shorting on Rises

The US-Iran negotiations release signals of easing, geopolitical safe-haven buying retreats, and gold pulls back after rising. Yesterday's bullish outlook was realized, with a gain of 79 points. This round of rebound is driven solely by sentiment, lacking support from rate cut expectations. Institutions warn that if geopolitical tensions continue to escalate, the Federal Reserve may even consider raising interest rates.

The long-term logic of global central banks continuously buying gold remains unchanged, but gold ETF holdings have been declining consecutively, with short-term capital outflows putting pressure on gold prices; the market is caught between geopolitical rebounds and high interest rate suppression, limiting the rebound space.

The 4-hour Bollinger Bands are converging, with the upper band showing strong resistance. The bullish structure of gold prices still exists but is unable to break through, with bullish momentum weakening; the MACD red bars are shrinking, and the two lines are converging, indicating the rebound is nearing its end. Without breaking the upper band, prices are prone to rise and then fall back.

Trading Suggestions
XAU 4727-4760 range for short positions, strong resistance at 4800, with a downside target of 4700-4650.

Personal opinion, please manage risks independently based on the market situation. #Gate广场五月交易分享