Gold prices continue to rise, briefly rising above $4,400 per ounce; they have now pulled back slightly. The market is weighing two opposing forces: weaker U.S. economic data reduces pressure for the Federal Reserve to raise rates, but rising risks in the energy market have once again strengthened worries about inflation. Last Friday, gold’s daily chart formed a down-shadow candle, the price held above short-term moving average support, the weekly chart logged a second consecutive gain, and the long-side trend structure remains intact. In today’s Asia session, after the open the market continued a slightly bullish trend; during the day it pushed up to around 4,416, then faced pressure and pulled back slightly. This short-term pullback is a technical correction within the ongoing uptrend, and the overall bullish trading pattern has not changed.
On the 4-hour timeframe, gold is still in a rebound structure in the short term. The price has moved back close to $4,446, indicating that buyers are attempting to repair the prior rapid pullback. Momentum on the short cycle is currently biased to the upside, but since the price is already nearing a previously dense trading zone, any further push higher would likely require the U.S. dollar and U.S. Treasury yields to move in sync.
If the 4-hour level can hold steadily above $4,400 and further break through $4,420, the short-term trend could shift from a rebound to a new round of upward advance;
If, after a push higher, the price falls back below $4,382, it is more likely to develop into high-range consolidation and seek new support around $4,365.
Key levels: Resistance: 4,450 and 4,535. Support: 4,383 and 4,365
Gold: 4,363–4,375 long. Targets: 4,415–4,450–4,480$XAUT
On the 4-hour timeframe, gold is still in a rebound structure in the short term. The price has moved back close to $4,446, indicating that buyers are attempting to repair the prior rapid pullback. Momentum on the short cycle is currently biased to the upside, but since the price is already nearing a previously dense trading zone, any further push higher would likely require the U.S. dollar and U.S. Treasury yields to move in sync.
If the 4-hour level can hold steadily above $4,400 and further break through $4,420, the short-term trend could shift from a rebound to a new round of upward advance;
If, after a push higher, the price falls back below $4,382, it is more likely to develop into high-range consolidation and seek new support around $4,365.
Key levels: Resistance: 4,450 and 4,535. Support: 4,383 and 4,365
Gold: 4,363–4,375 long. Targets: 4,415–4,450–4,480$XAUT