6.2 Gold Midday Market Analysis

After the early session’s gold selloff tested the bottom, price rebounded. The trend has reversed from a downtrend, but bullish momentum is insufficient. Once the market touched a key resistance level, it pulled back and shifted into weak, range-bound consolidation!

In terms of market news, bulls and bears are intertwined in a tug-of-war: U.S. and European inflation data has shown signs of recovery, causing the market to push back expectations for a Fed rate cut, which lifts the U.S. dollar and U.S. Treasury yields and puts pressure on gold prices. Meanwhile, geopolitical risk aversion has cooled, and safe-haven funds have left the market, dragging gold prices away from their highs. The good news is that central banks worldwide continue to increase their gold holdings, providing support at gold’s base. With neither side able to gain an advantage, the market remains dominated by consolidation!

Technically, the daily gold price is being pressured by moving averages, and the bearish trend for the larger timeframe remains unchanged. On the hourly chart, it continues to maintain a box-range consolidation pattern. The key short-term resistance is at 4500, and the support floor is at 4450. In the near term, it’s difficult to break out into a one-way move!

Trading reference: On pullbacks, wait for 4505-4520 to stabilize before buying in batches. The short-term targets are 4545-4565. After effectively holding above this level, look further up to 4580 and higher! #黄金 $XAUT