5.14 Gold Morning Outlook

Gold surged yesterday but faced resistance and pulled back, with a slight decline from high levels. The overall market maintains a strong bullish consolidation at high levels, and the short-term pullback is just a normal correction, not a trend reversal.

The support at the bottom of the chart around 4640 is solid, with prices testing and quickly rebounding multiple times, showing strong buying interest at low levels and ample support. The daily chart shows a complete bullish pattern, with all moving averages aligned in a bullish configuration across multiple timeframes. This round of pullback is merely a shakeout and accumulation phase within the upward cycle.

In the short term, the market mainly consolidates within a range, while the medium- to long-term bullish trend remains intact. The trading strategy is to buy on dips near support levels. As long as the key support at 4640 is not effectively broken, the bullish upward trend will continue.

Trading Reference

Buy on dips around 4680-4690, with short-term targets at 4720, then 4750, and later at the high zone of 4785. #黄金