5.14 Mu Xin Gold Morning Review

The bullish and bearish forces in the news are balanced, mutually restraining. U.S. inflation data is relatively strong, causing the market to delay the Federal Reserve's rate cut pace. U.S. bond yields remain high, continuously pressuring gold to rise. Meanwhile, tensions in the Middle East persist, coupled with central banks around the world continuously stockpiling gold to support the market, firmly stabilizing the gold price floor. The market finds it difficult to experience a deep decline, and overall remains in a range-bound tug-of-war.

Currently, gold remains in a high-level consolidation zone, with fierce competition between bulls and bears, and no clear short-term trend of upward or downward movement. From a technical perspective, resistance at 4750-4770 is heavy, with a large amount of selling pressure accumulated, causing repeated attempts to rise to be met with resistance and pullbacks; support at 4650 is a recent strong and critical support level, which has been repeatedly tested and held firmly, making it very solid. Short-term moving averages are tangled and intertwined, with market indicators switching back and forth, highlighting the characteristics of a range-bound market. Both upward and downward trends are difficult to sustain for long.

Intraday trading ideas
In the high zone of 4720-4740, consider shorting with the trend; initially look for a decline to 4700-4680, and if the level breaks effectively, look towards the 4650 low point.
If the market pulls back and stabilizes around 4670, consider gradually adding long positions; the rebound target is in the 4700-4720 range. $XAUT