May 11 Gold Brief Analysis Volatile upward movement, stabilizing with low buy opportunities

Review of last week: Gold bottomed out and rebounded strongly, closing higher; after dipping below 4500 at the start of the week, it continued to rebound, reaching a high of 4764, and closed around 4715 on Friday, with a weekly positive close, approximately a 2.15% increase.

This morning: Slightly opened lower but stabilized and oscillated; the low was 4670, currently trading around 4700, overall showing a strong consolidation.

Fundamentals: Negative factors (Federal Reserve's high interest rate expectations, profit-taking pressure) have been fully digested; after the non-farm payrolls report, negative sentiment did not decline, and safe-haven demand along with rate cut expectations supported the bullish sentiment to warm up.

From a technical perspective, the bottom is rising, and the highs are moving higher, indicating an obvious bullish trend. Moving averages: stabilized above the 5/10-week moving averages, forming a support zone. Indicators: MACD green bars are shortening, fast and slow lines are converging, bearish momentum is weakening, and bullish energy is building up.

Key levels: support at 4630–4660; resistance at 4780–4800.
Short-term support: 4680–4700

Oscillating upward channel, pullbacks do not break previous lows, quick stabilization and rebound.
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