Gold on May 11

The market opened with a gap down and continued to weaken throughout the morning, combined with unsuccessful regional negotiations and failure to reach a consensus, energy prices continued to rise, boosting inflation pressures; at the same time, employment data exceeded expectations, further reinforcing the market's expectation of the Federal Reserve maintaining high interest rates. Multiple negative factors resonated together, suppressing the market, and the shipping sector officially entered a phase of reversal, shifting into a predominantly weak and volatile downward pattern.

From a technical perspective, 4648 has become the key resistance level for the day, with previous support turning into a resistance zone; the gap at 4715 above is heavily pressured, and the previous high at 4730 is a strong resistance point. Any weak rebound with insufficient strength is an excellent opportunity to follow the trend and short.

In the short term, focus on the support zone of 4600-4620. If a volume-effective break below occurs, the bearish trend will be fully confirmed, and the downward space will further open; the next target areas are 4560-4510!