5.13 Gold Market Analysis — Shiyuan’s Views

Is 4700 a chance or a trap?

From the 4-hour cycle, gold is currently in a technical consolidation phase at a high level. Overall, the uptrend has not been broken, but in the short term there is selling pressure near the highs.

The earlier peak reached 4776.83, and the pullback low formed strong support around 4505. In recent days, price has been repeatedly oscillating in the 4650-4750 range. This is a typical “high-level box consolidation after an upward move” pattern, with bulls and bears fiercely battling within this range. Although there has been a short-term pullback, overall price action is still holding above support from the earlier uptrend, and the momentum has not fully exhausted.

Gold recommendations:
When price retraces into the 4680-4700 zone and then stabilizes, you can take a light long position to buy. Set a stop loss below 4630, with targets at the 4730-4750 range. If price rebounds into the 4770-4780 zone and meets resistance, you can reduce the position to protect profits.
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Swing trade idea: If there is a successful and effective breakout above 4780 and it holds, you can follow the trend and add to the buy order, targeting higher ranges. If the 4630 support is broken, you need to be alert that the trend may weaken; for now, mainly wait and observe.
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