5.29 Midday Gold Outlook

Yesterday, gold experienced a "deep V reversal," bottoming at 4365! PCE saved the day, with gold soaring over 100 points overnight

From a news perspective, last night the US April core PCE price index rose 0.2% month-on-month, below the market expectation of 0.3%, and up 3.3% year-on-year, indicating easing inflation pressure. The December rate hike expectation dropped from 50% to 48%, and the dollar and US bond yields both declined, becoming the main driving force behind the rebound in gold prices.
Now, looking at the technical side, the first resistance is at $4520-4540, the second resistance at $4560; the first support is at $4460-4470, with a strong support at $4430.

Finally, Teacher Yan Yan's trading strategy: Today mainly focus on buying low; if the price retraces to stabilize at $4460-4470, consider entering long positions, targeting $4520-4540; if the rebound faces resistance at $4540-4550, take light short positions with strict stop-loss. Tonight, pay close attention to Federal Reserve officials' speeches and beware of market sentiment fluctuations. #黄金 #黄金交易