5.12 Bole Morning Analysis


News: Tensions in the Middle East persist, safe-haven buying remains steady supporting gold prices; the European Central Bank signals a dovish stance, the US dollar is under pressure and weakening, further boosting gold's attractiveness. The market is focused on the US April CPI data tonight, which will directly influence Federal Reserve rate cut expectations. In the short term, the market is likely to remain cautious and volatile.

Technical: Gold prices tested the bottom and rebounded yesterday, closing strong on the daily chart, with an obvious bullish trend. After rising to around 4773 in the early session, it faced resistance and pulled back. Short-term indicators are overbought, indicating a need for technical correction. Intraday strong support is in the 4680-4700 range, with short-term resistance at 4750-4770. The risk of chasing high at the high levels is relatively large.

Trading suggestion: Follow the trend and mainly buy on dips, gradually add long positions on pullbacks to the 4700-4715 range, with a stop loss below 4675. Targets are sequentially at 4750-4770, and if broken, look towards around 4790.
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