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Midday Market Analysis
Since Iran has refused to reopen the Strait of Hormuz, geopolitical risks have not fully dissipated, limiting further upside potential for gold prices. Although war and energy crises theoretically favor safe-haven demand, recent oil price increases have boosted inflation expectations, which in turn have dampened market expectations for rate cuts, causing short-term gold performance to be constrained. Currently, the market is not only paying attention to changes in Middle Eastern tensions but also focusing on the Federal Reserve's future policy direction and the upcoming US non-farm payroll data to gauge the timing of rate cuts.
Gold has broken through the 20-day moving average resistance, with daily KD and MACD signals leaning bullish. The 4-hour chart (below) shows that early trading returned to the $4,700 level, breaking through the 10-day moving average resistance, with MACD maintaining a bullish signal. In the short term, it may be possible to attempt to buy on dips.
Trading Suggestions
Aggressive traders can enter around 4710, with a stop-loss at 4685, targeting around 4750. Conservative traders can enter around 4660 on a pullback, with a stop below 4635, targeting the same, and aiming for a breakout to 4800.
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