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June 3 Morning Thoughts
Yesterday, gold prices surged to 4541 resistance and then pulled back for consolidation, currently hovering around 4482 points. Ahead of the non-farm payroll release, market trading is cautious, mainly consolidating within a range. The larger-scale bullish rebound trend remains intact, and intra-day, it is still advisable to position for long positions on dips.
Technical analysis: Gold prices are steadily above the 5-day moving average on the daily chart, with a healthy medium-term rebound pattern; the 4-hour KDJ is turning stronger from low levels, and the MACD green bars are continuously shortening, indicating diminishing bearish momentum. Short-term indicators are oversold, providing inherent rebound and correction potential. Tonight, focus on the impact of non-farm payroll data.
Resistance: 4500, 4520
Support: 4460, 4448
Trading ideas
Enter long positions on dips around 4460-4465 with a rebound stabilization, with the first short-term target at 4500; if 4520 is effectively broken, aim for a move towards 4546-4555, with strong resistance at 4583.