May 29 Wenjie Spot Gold Morning Outlook

News
Last night, U.S. core PCE inflation data fell short of expectations, indicating cooling inflation, which caused the dollar and U.S. Treasury yields to retreat, providing clear support for a rebound in gold. Market expectations for rate cuts slightly increased, short-term negative factors have been exhausted, and gold prices stopped falling and began to rise. Today’s focus will be on evening employment-related data, which will directly influence the strength of the U.S. dollar and the rhythm of gold price fluctuations.

Technical
Last night, gold prices tested the bottom and rebounded, forming a long lower shadow, with a clear signal of a halt in the daily decline and a correction. Short-term bullish momentum is warming up. The hourly chart remains in a volatile but slightly strong pattern, with key support concentrated around 4460–4430. Short-term resistance is at 4520, with strong resistance at 4550. Overall, this is a corrective rebound after a decline, not a complete trend reversal.

Trading Ideas
The main strategy in the morning is to buy on dips, with minor short positions on resistance.
If the price stabilizes around 4460–4430 after a pullback, consider buying in batches, with a stop loss below 4400, targeting 4520–4550;
If the first test of 4550 faces resistance, consider light short positions, with a stop loss above 4580, looking back at 4500–4480. #现货黄金