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5.11 Gold Morning Review: Short-term Break and Pullback, Focus on High-Altitude Trading in the Range
Market Review: After last week's non-farm payroll data was released, gold prices surged then pulled back, opening lower in the morning. Currently at 4690. Opened at 4698, high of 4701, low of 4678. The US dollar index rebounded to 98.043, exerting direct pressure on gold prices, showing a short-term downward trend.
Trend Analysis: From the candlestick charts, both the 1-hour and 30-minute levels have broken below short-term moving averages, indicating weakening bullish momentum and a short-term weak oscillation. Key resistance above is 4715-4720, with primary support at 4678 and strong support at 4668. After the non-farm payroll release, the market is gradually digesting the data, mainly oscillating within a range with a weak bias, awaiting new news catalysts.
Trading Suggestions: For intraday rebounds to the 4710-4715 range, consider short positions with a stop loss at 4722, targeting 4680-4668; if the price stabilizes above 4668, consider light long positions with a stop loss at 4660, targeting around 4700, for short-term trading.
Disclaimer: The above is for market opinion sharing only and does not constitute investment advice. Investment decisions should be made independently based on your own risk tolerance.