June 4 Morning Gold Outlook

Yesterday, gold experienced a rollercoaster, with an overall volatile pattern

From the news perspective, India increased the gold import duty from 6% to 15%, causing a sharp decline in physical demand, combined with the Federal Reserve's continued hawkish stance and the high level of the US dollar index, forming a core resistance to gold prices; but ongoing central bank gold purchases worldwide and geopolitical uncertainties in the Middle East provide a solid safe-haven support level, limiting the scope for a deep unilateral decline.

Now, speaking of technical analysis, the daily chart shows gold prices have broken below the support of the 5-day and 10-day moving averages, with the moving average system turning into resistance, and a bearish arrangement gradually establishing; the four-hour chart shows a stepwise decline, with highs continuously decreasing and the oscillation center shifting downward. Key resistance is at $4,500-$4,540, and support is at $4,440-$4,366.

Teacher Yan Yan's trading strategy: Today, mainly trade within the range by buying low and selling high. Aggressive traders can try long positions lightly at $4,440-$4,460, targeting $4,500-$4,530; a rebound to $4,530-$4,540 can be used to establish short positions, targeting $4,460-$4,440. Strictly control position sizes and set stop-losses. #黄金