5:21 Morning Analysis

Yesterday, gold generally showed a bottoming out and rebound trend, with intraday pressure causing a deep correction, and the price dipped to a low of around 4450, significantly refreshing recent lows. After the decline, the market did not continue the bearish weakness, but quickly rebounded in the late session, recovering most of the losses, and ultimately closed around 4540. The daily chart shows a long lower shadow candlestick, indicating strong support below and that the selling pressure has been fully released.

This morning, the market continues the overnight correction rhythm, with gold currently in a mid-range consolidation. From a technical perspective, the long lower shadow on the daily chart clearly signals a bottoming pattern, with limited short-term downside space, entering a phase of low-level oscillation and recovery. The hourly moving averages are gradually stabilizing, with short-term bulls slightly favored, but rebound momentum is insufficient, and resistance above is relatively heavy.

The current market range is clearly defined, with key resistance concentrated around 4580-4600. A breakout above this zone could open up space for a rebound; key support levels are at 4500 and 4450. The overall rhythm is mainly oscillatory correction, with no short-term chasing of shorts. Trading should prioritize buying at support levels and shorting at high rebounds when appropriate, patiently waiting for a breakout of the range.