May 29 Wenjie Spot Gold Midday Outlook

News
Overnight gold prices tested a low of 4365 and then sharply reversed, closing with a long lower shadow bullish candle on the daily chart. US PCE inflation data cooled down, the dollar weakened, providing support for a rebound in gold prices; but the Federal Reserve's high interest rate expectations remain, combined with month-end fund rotations, limiting the rebound strength. Overall, it is a supportive bottoming pattern with resistance above.

Technical
Currently around 4520, the Asian session saw a rally followed by high-level consolidation. Bullish sentiment on the daily chart is warming, short-term stabilization after a dip; the hourly chart shows slowing upward momentum and high-level indicator fatigue, indicating a short-term correction and recovery is needed.
Key resistance: 4535-4550
Key support: 4500, 4480

Trading Ideas
Overall intra-day trend is oscillating slightly bullish, mainly buying on dips
Buy on dips around 4480-4500 with stabilization, stop loss at 4470, target 4530-4550
If first tested at 4550 and faced resistance, consider shorting with a stop loss at 4558, watch for a return to 4510-4500#现货黄金 $XAUT