Friday, May 29th Gold Morning Outlook

This morning, spot gold continues the oscillating upward trend after the overnight V-shaped reversal, influenced by the ongoing geopolitical tensions between the US and Iran and the rising risk aversion sentiment. Gold prices have rebounded strongly from lows and are trading near $4,500 per ounce.
Last night, gold prices were suppressed by expectations of easing tensions, dropping sharply to a low of $4,378. Subsequently, the US-Iran conflict escalated again, with safe-haven buying intensifying, pushing gold prices rapidly higher to recover lost ground, maintaining high-level oscillations this morning.
On the technical side, the four-hour chart shows a long lower shadow support candle after the dip, with support solidified at $4,370–$4,380. Short-term bearish momentum has been exhausted; the lower Bollinger Band is closing in, and indicators have rebounded from deeply oversold levels. The short-term rebound momentum is sufficient, with key resistance at $4,520–$4,540 intraday.
Fundamentally, the US-Iran situation is “fighting while negotiating,” with ongoing uncertainty boosting gold’s safe-haven appeal; combined with continuous central bank gold purchases providing support, the medium- to long-term support logic remains unchanged. Currently, geopolitical sentiment dominates the market, with a morning bias toward oscillation and slight positivity. As long as the $4,480 support holds, gold prices are expected to continue their corrective rebound.
Trading Suggestions
Wait for a pullback to stabilize around $4,450–$4,430, then consider buying
Target $4,500–$4,530
If rebounding to $4,530 and stabilizing, consider selling
Target $BTC $4,450–$4,430