May 29 Gold Morning Review

Yesterday, gold traded sideways at high levels during the Asian and European sessions, with prices fluctuating between 4480-4500. The bulls launched multiple attacks but failed to break above the 4515 resistance level. In the evening, gold prices surged to around 4516 but quickly retreated, closing below the 4500 threshold!

On the fundamental side, hawkish comments from the Federal Reserve boosted the dollar and U.S. bonds, leading to continued outflows from gold ETFs; however, the U.S. core PCE data provided some support to gold prices. Currently, geopolitical events have not effectively triggered safe-haven buying, but instead have further increased market expectations of rate hikes. Nonetheless, global central banks continue to increase their gold holdings, and with rising U.S. stagflation expectations, gold has shown a strong overall resilience. Technically, gold has bottomed out and rebounded, with bullish signals gradually emerging, and the short-term bottom is basically solidified!

From the indicators, the KDJ has formed a golden cross, and the MACD green bars are continuously narrowing, indicating that bullish momentum is steadily recovering. Key levels to watch today: resistance at 4520 and 4550; support at 4460 and 4430!

Trading reference: When the price pulls back to the 4460-4430 zone, consider gradually adding long positions, targeting #黄金 4520, 4550, and 4580.