5.13 Gold Morning Review: Bull-Bear Battle Intensifies, Awaiting Direction Choice

The spot gold opened with a moderate rebound in the morning, reaching as high as 4718, currently showing signs of short-term stabilization at low levels.

Fundamentals: The previous CPI negative impact has mostly played out, and market focus has shifted to interest rate cut expectations. Coupled with Middle East geopolitical tensions and a global central bank gold-buying trend, gold price support remains solid, and the bull-bear battle has entered a heated phase.

Technical: Short-term lows are gradually rising, and the moving average system is beginning to recover. Key resistance is at 4730; a successful breakthrough could test 4750. On the downside, close attention is on the 4680 key support; holding this level maintains a bias toward strong oscillation.

Trading ideas: It is recommended to rely on the 4680-4700 range to establish long positions, with targets at 4730-4750-4780.