May 13th Wenjie Gold Afternoon Analysis

Combined with the morning market movement, gold prices continue the earlier predicted consolidation with a slight upward bias and a steady repair rhythm. After the Asian session pulled back to the 4700-4710 strong strength/weakness dividing line, it then received effective support. Currently, price stabilization is above 4715, the short-term long position structure remains intact, pullback strength is limited, and this matches the core judgment from the morning: “support is effective, and the trend is biased upward.”

From a fundamentals perspective, the negative impact from the U.S. CPI has already been fully digested. The market is now waiting for the April PPI data in the evening for guidance. Rate-cut expectations from the Federal Reserve have not changed. Combined with the unchanged medium- and long-term support logic of geopolitical safe-haven demand and central bank gold purchases, the U.S. dollar continues weak and volatile fluctuations. The downside room for gold is strictly limited, and there is no trend reversal signal to go short.

Technically, the morning pattern continues: the daily chart’s bullish alignment remains intact, the 4-hour stabilization structure continues to strengthen, and after the hourly chart retests support, prices oscillate higher. In the short term, the market remains in a bullish-leaning recovery channel, with no signs of a breakdown after any support retest and no indication of a broken level leading to weakness.

Key levels are in line with the morning (unchanged)
Core support: 4700-4710 (intraday strong/weak dividing line; bullish dominance if it holds)
Strong support: 4680-4650 (swing defense level; only adjust the thinking if broken)
Core resistance: 4730-4750, strong resistance: 4770-4780

Trading outlook (follow the morning main strategy; don’t chase highs, buy while defending lows)
The current price is close to the upper part of the support range. Wait calmly for a pullback to 4700-4710 to scale into long positions in batches. The stop-loss is set uniformly below 4680. The first target is to watch the 4730 level; if it breaks out, look higher to 4750.
In the 4730-4750 range, do not chase longs aggressively. During a ranging market, strictly control position size and strictly adhere to stop-loss discipline. Before the PPI data tonight, do not take heavy positions to gamble. #现货黄金 $XAUT ‌