Gold Intraday Analysis

From a fundamental perspective, recent gold prices have been oscillating at high levels, primarily driven by expectations of non-farm payrolls, geopolitical risk aversion, and central bank gold purchases. The market is awaiting the U.S. May non-farm payroll data, with expected new jobs only at 62k, significantly below the previous 178k, reinforcing expectations of a cooling labor market, which is favorable for the Fed's rate cut prospects and supports gold. Meanwhile, ongoing Middle East geopolitical tensions continue to provide safe-haven support, combined with global central banks' consecutive months of gold accumulation, establishing a solid long-term foundation for bulls. Short-term, market sentiment remains cautious, maintaining a high-level buildup ahead of data releases.
From a technical standpoint, gold is currently priced at 4723, after rising to 4765 and then pulling back from the high, with a long upper shadow on the daily chart, indicating clear resistance above. The short-term phase is characterized by high-level oscillation and correction. The 1-hour Bollinger Bands are narrowing, MACD bullish momentum is waning, and RSI is approaching neutrality, intensifying short-term bullish and bearish battles.

For the intraday strategy, focus on a range of 4700-4765, with 4700 serving as a key support/resistance level. Stabilization above 4700 suggests a light long position; if the rebound fails to break 4765, consider cautious short positions. The core focus is on the non-farm payroll data breakthrough—if the data is weak, gold may break above the upper boundary to 4800; if it exceeds expectations, short-term support may be tested at 4660. Operate with strict position control, avoiding blind chasing of gains or panic selling. #黄金 $XAU