5.21 Gold Analysis

From the 1-hour Bollinger Bands trend, gold has experienced a strong rally, surging to 4572, touching the upper Bollinger Band near 4577, then slightly pulling back, forming a large bullish candle with a short upper shadow, indicating that the short-term momentum of the bulls has slowed down.

The price is moving strongly along the upper Bollinger Band, with the bands opening upward, and the overall trend remains bullish, but the high position near the upper band faces resistance, and a technical correction is needed in the short term. Currently, the price has slightly pulled back to 4565, with volume increasing simultaneously, showing signs that profit-taking by the bulls at high levels is occurring. The first support below is the middle Bollinger Band at 4522. If the pullback does not break the middle band, the bullish trend will continue; once it effectively falls below, the market will enter a phase of oscillation and adjustment.

Fundamentally, there is a net outflow of funds, and short-term bullish sentiment has cooled slightly, so it is not advisable to blindly chase long positions at high levels. In terms of operation, cautiously chase the rise in the short term, wait for a pullback to the middle band support before considering to follow; if it faces resistance and falls below the middle band, then expect a correction.

Trading suggestion: 4580-4600 range, target 4550-4450.