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5.8 Mu Yun Gold Evening Review: Gold Rises to Encounter Resistance, Range-Bound Trading Strategy Guide
Intraday spot gold initially declines then rises, dipping to a low of 4681 in the morning before rebounding, surging to a daily high of 4734 before facing resistance and pulling back, currently trading within a narrow range around 4725, with increased bullish and bearish battles, and the trend falling into a stalemate.
News: The market repeatedly adjusts expectations of Federal Reserve rate cuts, combined with fluctuating geopolitical risk sentiment, causing short-term disturbances in the dollar and U.S. Treasury yields, which impact gold prices. Market sentiment remains cautious, awaiting tonight’s U.S. economic data and Federal Reserve officials’ speeches for guidance, with risk aversion providing a bottom support for gold prices.
Technical: The 15-minute chart shows that gold faced resistance at 4734 and pulled back, highlighting upward pressure; key support levels are at 4714-4694, with 4734 acting as short-term strong resistance. Moving averages are converging, and Bollinger Bands are tightening, indicating the short-term trend remains in a range-bound consolidation.
Trading reference: Buy on dips around 4700-4720 in batches, targeting 4750, 4780, and 4800. #黄金