5:22 Gold Morning Market Analysis

Yesterday, gold printed a reversal after probing the lows and rebounded. The signals of bottoming and stabilization were clear. During the day, gold first drifted lower in a weaker tone. After it touched a new intraday low of $4453, concentrated dip-buying emerged at low levels, driving a strong rebound in gold prices.

Ultimately, the gold price regained most of its intraday losses and closed above 4540. The daily candle formed a long lower shadow, indicating strong support beneath and a clear slowdown in the short-term downward pace. A slight pullback in the U.S. dollar, together with technical repair demand, jointly helped gold rebound from low levels.

This morning, the near-term price action is slightly bullish. Bearish momentum at the daily level is weakening, and indicators are continuously repairing. The 4-hour chart has formed a bottoming divergence; short-term moving averages are turning upward, with near-term longs taking the upper hand.

The key support below is currently in the 4500-4530 range, the critical low of yesterday’s rebound. Near-term resistance is 4580, with strong resistance at the 4600 level.

Trading ideas
Buy/enter long in the 4505-4520 range, take profit around 4560; stop-loss 4490

You can consider a short near 4570 on the rebound
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