5.29 Gold Evening Review: Bull-Bear Battle Intensifies, High-Level Consolidation

Market Review: Intraday gold surged up to the 4543 area, met resistance, and then pulled back. It is currently consolidating around 4530 at a high level. While the daytime session has remained biased bullish, the upside momentum has clearly slowed down. Multiple attempts to probe the high failed to break through effectively, with sell pressure appearing overhead. The 4489 intraday low was held, and overall price action remains in a high-level consolidation that is slightly bullish.

Trend Analysis: On the news front, U.S. PCE inflation data cooled, weakening market expectations for tightening. The U.S. dollar and U.S. Treasury yields fell back, providing downside support for gold. Technically, on the 1-hour timeframe the KDJ indicator moved into the overbought zone above 80, and upside momentum has clearly begun to wane. Repeated tests of the 4543 area were unsuccessful, and heavy resistance has become apparent. Support lies at 4510-4500 in the short term. The overall larger trend is still bullish, but the risk of being overbought at high levels is building, and the bull-bear battle has intensified.

Koko’s Suggestion: In the evening, focus on going long on dips. Pull back to 4505 and consider buying if price stabilizes around 4525. Targets are in the 4540-4560 area. If price meets resistance, consider taking a light short position for quick in-and-out trades, use a stop-loss, and keep position sizing light.

Disclaimer: The analysis above is for reference only and does not constitute investment advice. The market involves risk; enter the market with caution.