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Muyao: Bottoming out and rebounding, standing firm at 4700, bulls gathering strength for a breakout
On May 14th, during the midday session, gold surged to 4700.90, after dipping to 4684 in the morning, it quickly rallied and successfully held above the 4700 level, indicating a clear rebound in short-term bullish momentum.
The market is waiting for the U.S. initial jobless claims data to gauge the Federal Reserve's rate cut pace. The impact of yesterday's retail data has been digested, the dollar weakened slightly, which is favorable for gold prices to rebound.
Technically, a short-term V-shaped reversal has formed, with resistance at 4712-4720 and support at 4685-4690.
You may consider a light long position around 4690, targeting 4720-4730.
Note:
The above analysis is Muyao's personal opinion. The market is ever-changing, and the content is for reference only and does not constitute any investment advice!#Gate广场五月交易分享