6.2 Early Morning Analysis of Zhaoye Gold

Yesterday, during the Asian session, gold continued its overall weak decline, with prices pressured downward throughout the day. During the Asian session, it oscillated around 4545 and gradually moved lower, with the decline further expanding during the European session. In the afternoon, it reached a low of 4489 before slightly rebounding, then started to decline again after reaching 4512, falling to 4447. U.S. stocks stopped falling and rebounded, forming a deep V-shaped reversal, rising to 4495.

On the news front, the market is still digesting the risk aversion demand brought by the Middle East situation. Meanwhile, this week’s employment data week is about to begin, prompting traders to start adjusting their positions in advance. Before the release of major data, gold is likely to remain in a wide-range consolidation pattern, but the buying strength in the support area below remains worth monitoring.

After probing the bottom in the early session, prices gradually rose. The short-term moving averages turned upward, and the MACD indicator shifted from green to red, indicating that bullish momentum is gradually accumulating. Currently, prices are running just above the 1-hour lower band. If it can stay above this level consistently, it may attempt to test the middle band resistance; if it falls back and breaks below the lower band, it is highly likely to retest the 4447 support again, showing a clear short-term range-bound characteristic.

Gold retraced around 4445-4460 to enter a consolidation zone, with an upward target of 4490-4520. #Gate正式推出股票交易