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May 11th Wenjie Gold Morning Analysis
This morning, spot gold opened slightly lower, currently trading within a narrow range of 4695-4700, showing a slight weak correction with short-term oscillation; the bullish momentum is insufficient, and there are no signs of a strong reversal.
This week’s focus is on the European Central Bank interest rate decision, US CPI data, and Federal Reserve officials' speeches, as policy and inflation expectations will dominate the gold price trend.
Currently, expectations for rate cuts are fluctuating, the US dollar remains under pressure at high levels, and risk aversion sentiment is cooling down, resulting in a lack of upward momentum for gold prices.
The morning session mainly shows a technical correction pattern.
The daily chart remains in a bearish pattern, with a short-term technical correction after a decline;
There is a slight rebound demand in the short cycle, but resistance from moving averages is obvious, and rapid upward moves are likely to encounter resistance, overall oscillating with a weak bias.
Key levels
Resistance: 4710-4715, 4730-4735
Support: 4685-4680, 4660-4655
Core Range: 4680-4735
Trading Suggestions
Wait for a rebound to the 4680-4685 zone to stabilize before entering, with a stop loss below 4673, targeting 4700-4710, and if broken, hold for 4720-4730. #现货黄金 $XAUT
Today’s early trading saw spot gold open slightly lower, currently trading within a narrow range of 4695-4700, with short-term weak oscillation correction. The bullish momentum is insufficient, and there are no signs of a strong reversal.
This week’s key focus includes the European Central Bank interest rate decision, U.S. CPI data, and speeches by Federal Reserve officials. Policy and inflation expectations will dominate the gold price trend. Currently, expectations for rate cuts are fluctuating, the U.S. dollar index remains under pressure at high levels, and risk aversion sentiment is cooling. Gold lacks upward momentum, and the early session mainly features technical correction.
The daily chart maintains a bearish pattern, with short-term technical correction after a decline; there is a slight rebound demand in the short cycle, but obvious resistance from moving averages above. Rapid upward moves are likely to encounter resistance, and overall volatility remains weak.
Key Levels
Resistance: 4710-4715, 4730-4735
Support: 4685-4680, 4660-4655
Core Range: 4680-4735
Trading Suggestions
Enter long positions on a rebound and stabilization around 4680-4685, with a stop loss below 4673. Target 4700-4710, and if broken, hold for 4720-4730. #现货黄金 $XAUT