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This Week's Gold Market Summary
This week, the gold market experienced intense volatility, showing an overall pattern of "deep V-shaped rebound + weak consolidation." Early in the week, the market was suppressed by hawkish expectations for the Federal Reserve, soaring U.S. Treasury yields, and a strengthening dollar, causing spot gold to drop rapidly, reaching a low of $4,464.85 per ounce, a seven-week low, and market sentiment briefly plunged into panic. However, on Friday, prices stabilized and rebounded, closing in the $4,508–$4,538 range, forming a clear long lower shadow. Technical indicators show that bearish momentum has significantly weakened, and oversold rebound demand is beginning to be released.
Regarding technical indicators, the RSI has rebounded from the oversold zone (around 28–32) to a neutral area, indicating weakening selling pressure; the MACD daily green bars have continued to shrink, and a golden cross has appeared below the zero line on the 4-hour chart, with bullish momentum gradually building; the Bollinger Bands are opening downward, with prices near the lower band but not effectively breaking through, and no signs of convergence yet. The overall trend remains bearish, but a short-term correction window has opened.
Key support and resistance levels are clearly identifiable: $4,500 is the current dividing line between bulls and bears, serving as a core psychological and technical support; $4,480 is a recent low, forming a strong support level; if broken, the price could fall to the $4,450–$4,400 range, which is a dense zone of central bank gold purchase costs worldwide, providing a strong bottoming effect. Resistance levels above are sequentially $4,550 (short-term strong resistance), $4,580 (rebound pressure zone). Breaking above $4,600 would be a clear signal of trend reversal. $FUTU $UBER