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Muyao: 5.11 Midday strong plunge in gold bears, rebound to follow the trend for shorting
On May 11th, the spot gold price trend was relatively weak at midday, with the market quickly dropping to the 4666 level, hitting a low of 4648 points, a clear retreat compared to yesterday's close, with short-term bearish momentum continuing to be released.
The tense geopolitical situation in the Middle East failed to trigger safe-haven buying, combined with the strong rebound of the US dollar and profit-taking exiting the market over the weekend, putting pressure on gold prices to weaken. While medium- and long-term central bank gold purchases provide a bottom support, the short-term trend remains bearish.
From a technical perspective, the market's highs are gradually moving lower, with resistance at 4685 and support at 4650; a break below could target 4630. Trading advice is to mainly short on rebounds, with a short position around 4700, targeting 4660-4650.