Mu Yao: Peaked early and faced resistance under pressure; the bigger trend is bullish—look for a pullback first in the short term

Gold has been rising continuously from the 4044 low. After pushing up to 4121 in the early session, it met resistance and pulled back—short-term bulls’ momentum has been fully released.

The daily bullish structure remains intact. Moving averages keep trending upward, forming support. 4121 has turned into strong near-term resistance; 4044 is the trend’s watershed—only a break below would weaken the bullish structure.

Use a range approach intraday:
Chop within 4130-4120, stop loss at 4140, target 4080-4060;
Pull back to 4074-4080 for a small-size long entry, then look toward 4100.

Reminder:
The above analysis is Mu Yao’s personal view. The market changes rapidly; the content is for reference only and does not constitute any investment advice!
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