5.11 Gold Evening Review: Bearish Pattern Confirmed, Gold Continues to Decline

Market Review: Tonight's gold price continued its weakness during the day, fully confirming the bearish prediction from the midday review. After spiking to 4705, it continued to fall back, successfully breaking below the key support at 4678, with a low of 4648. Currently quoted around 4669. The US dollar index remains strong, and after the non-farm payrolls data, bearish momentum continues to release, making the downward trend of gold clear.

Trend Analysis: The 4-hour moving averages are diverging downward, indicating a stable bearish arrangement; the 1-hour cycle price is trading below the short-term moving averages, with sufficient bearish momentum. The support at 4678 has completely failed, with short-term support at 4648, and the medium-term decline to 4550 remains unchanged; the short-term resistance above has moved down to 4680-4690, with strong resistance still at 4715-4720, and the rebound faces pressure.

Trading Suggestions: Short positions can be arranged on rebounds in the 4680-4690 range, with a stop loss at 4698, short-term target at 4648, and medium-term hold towards 4550. Strictly adhere to trading discipline and operate in line with the trend.

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.