6.2 Midnight Gold Analysis

U.S. data heavily impacts the bulls! Gold prices surged then pulled back; here's the midnight gold outlook

From the news perspective, the U.S. May ISM Manufacturing PMI unexpectedly rose to 50.3, returning to expansion territory. The market further bets that the Federal Reserve will cut interest rates for the first time in September. The rebound of the dollar and U.S. bonds suppresses gold prices; however, ongoing tensions in the Middle East provide safe-haven support, limiting the decline of gold prices.

Regarding technical analysis, the 1-hour chart shows long upper shadows on the candles indicating a rally followed by a pullback, with strong resistance at the 4540 level. The 5-period moving average (MA5) is turning downward, indicating diminishing short-term bullish momentum. The support levels at 4460-4470 are strong intraday supports, and the daily chart remains in a high-level consolidation zone.

Finally, Teacher Yan Yan’s trading strategy: tonight, lock in the 4460-4540 range, lightly short on rebounds at 4520-4530, targeting 4490-4470; lightly long on dips at 4470-4480, targeting 4510-4530, and follow the trend if broken. Strictly control position sizes to reduce risk. #黄金 #黄金