Gold Morning Review: High-Level Consolidation Builds Energy, the Low-Price Long Idea Remains Unchanged

Market Recap: Overnight gold pushed up to around 4535, met resistance and pulled back. It is currently oscillating around 4533 at a high level, continuing a relatively strong rhythm. Although bullish momentum has slowed, it has not broken key support. With the 4518 intraday low defended, the overall market is showing a strong bias with consolidation near the highs.

Price Action Analysis: On the news front, the U.S. PCE inflation data largely met expectations. The market remains on standby regarding expectations for a Federal Reserve rate cut. The U.S. dollar and U.S. Treasury yields have edged lower, providing support for gold. Technically, the 1-hour KDJ indicator has turned up to repair, and the 30-minute KDJ has entered the oversold zone, suggesting a short-term rebound demand. The moving-average system is aligned in a bullish configuration. The larger trend is still偏 strong. Support is at 4520-4515 in the short term, while resistance is at 4540-4550.

Coco’s Recommendation: In the morning, focus on going long on dips. If price retraces to and stabilizes around 4520-4500, consider going long with targets at 4540 and 4560. If it breaks through, look for levels above 4580. Remember to set your stop-loss and keep your position size light.

Disclaimer: The analysis above is for reference only and does not constitute investment advice. The market involves risks; proceed with caution when entering the market.