Yesterday, gold made an emotional decline to 3943 in early morning trading before stopping its fall and rebounding. It faced pressure around 4035 in the afternoon, surged above 4060 in the evening and then quickly pulled back, closing with a bearish doji on the daily chart.

On the daily chart, gold and the US Dollar Index exhibited a reverse resonance with doji patterns. The market repeatedly oscillated around the 4000 level, representing a technical consolidation after the decline, while confirming the bearish trend. The longer it consolidates at low levels, the higher the probability of further declines. The market is focusing on the non-farm payrolls today and tomorrow, coupled with rising expectations of a Fed rate hike this year, putting short-term downward pressure on gold prices. The first resistance level is the 5-day moving average at 4020, and a break above that would see strong resistance at the 10-day moving average of 4080; support is mainly at 3900. The conventional range is expected to be 4000-3900, but the non-farm payrolls often trigger significant volatility, so caution is needed for range breakout risks.
Combined with the hourly chart, gold rebounded after yesterday's decline and surged in the evening, indicating bulls’ intention to fight back. However, suppressed by expectations of negative news, the bullish momentum is difficult to sustain, and the medium-term outlook remains bearish. Today's opening broke below the hourly moving averages, shifting the short-term consolidation center downward. Short-term resistance is at 4010-4015, first support at 3970, and key support at 3930.
For intraday operations, be conservative and short on bounces to the 4000-4010 area. As time goes on, the levels may change, so pay attention to blog updates. #高位买入黄金难解套##International Gold#Gate完成141只股票股息派发