5.8 Evening Gold Analysis:

During the Asian trading session, gold steadily oscillated higher, gradually rising from the low of 4681. After reaching a high of 4734, it faced slight resistance and pulled back. Currently, the price is stable around 4720.

The short-term 10-minute Bollinger Bands are converging and tightening, with the gold price repeatedly testing around the middle band. The upper resistance at the 4723 upper band is strong, while the support has moved up to around 4706. The range-bound pattern is clear, with intense battles between bulls and bears.

Market sentiment remains cautious and watchful, with focus on tonight’s initial jobless claims data. If the data is bearish for the dollar, it will boost the bullish trend of gold; if the data is strong, it will limit the upward potential of gold, and the evening data may guide the subsequent direction.

Technically, the gold price remains above the middle band of the Bollinger Bands, with the bullish trend still dominant, though short-term momentum for a rally has slowed. Key support is at 4706, and the overall trend remains oscillating and slightly strong.

A pullback to around 4710–4685 can be considered a buying opportunity, with targets near 4735–4800.