5.21 Early Zé Gold Morning Analysis

Yesterday morning, gold surged higher and tested the 4509 resistance level, then fell back sharply to a low of 4456, followed by a rebound to 4488 which also broke below the low, reaching 4453. Afterwards, it entered a period of oscillation and adjustment. After the US stock market dropped to 4467, the bulls launched a counterattack, forming an upward trend. They consecutively broke through two key resistance levels at 4514 and 4530. The short-term trend shifted from oscillating downward to a rebound with a bullish bias, with the highest reaching 4452.

The 4-hour cycle repeatedly closed with solid bullish candlesticks, with bullish volume steadily increasing. There is no obvious top divergence structure, and the short-term momentum still supports an upward move. However, as the gold price approaches recent highs, short-term indicators enter overbought territory, cautioning against a technical pullback after a rise. Gold completed a second bottom at 4453, forming a complete upward structure.

Gold retraced near 4515-4530, with an outlook towards 4580-4600.

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