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5.12 Gold Afternoon Review: Surge and Face Resistance, Pullback
4764 Critical Level Confirmed, Awaiting CPI Direction
Market Review: In the early session, gold prices continued the overnight stable and slightly bullish trend, rising to 4773, reaching the early review's 4764 support/resistance level, then quickly pulling back under pressure, falling to around 4705, with a low of 4686; the US dollar index rebounded to 98.2, interrupting the bullish recovery momentum.
Trend Analysis: Based on candlestick analysis, the 4-hour gold price broke below the 20-day moving average at 4712, and the 1-hour broke below the 20-day moving average at 4722, indicating a weakening short-term bullish pattern; key support levels are at 4680 and 4650, with short-term resistance at 4730 and 4764. Before tonight's CPI data, expect range-bound consolidation.
Trading Suggestions: Light long positions on pullbacks between 4698-4680, with a stop loss at 4670, targeting 4730; short positions at resistance between 4730-4735, with a stop loss at 4745, targeting 4700, strictly with stop-loss and light position management.
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.