【Gold】Yellow croaker $XAU yesterday surged to 4436, met resistance and, under pressure, saw concentrated profit-taking at the high, followed by a sharp pullback. The daily chart printed a long upper wick and a bearish candle. In the short term, bullish momentum has clearly weakened.
On the macro front: U.S. Treasury yields remain elevated, suppressing the valuation of non-yielding gold. Last night, technology stocks in the U.S. fell across the board; with risk appetite cooling, there is some support from short-term safe-haven buying, but it is not enough to directly reverse the profit-taking pressure. In the medium term, the key logic is still waiting for the market’s expectation of Fed rate cuts to materialize. Geopolitical risk safe-haven demand forms a cushion from below, so in the short term the main theme is digestion via pullbacks.
Support: 4320
Resistance: 4385, strong resistance 4430 (the previous high trapped area)
In summary: today’s pullback to 4320 failed to break through effectively. Build long positions in batches, targeting 4380 and 4430.
On the macro front: U.S. Treasury yields remain elevated, suppressing the valuation of non-yielding gold. Last night, technology stocks in the U.S. fell across the board; with risk appetite cooling, there is some support from short-term safe-haven buying, but it is not enough to directly reverse the profit-taking pressure. In the medium term, the key logic is still waiting for the market’s expectation of Fed rate cuts to materialize. Geopolitical risk safe-haven demand forms a cushion from below, so in the short term the main theme is digestion via pullbacks.
Support: 4320
Resistance: 4385, strong resistance 4430 (the previous high trapped area)
In summary: today’s pullback to 4320 failed to break through effectively. Build long positions in batches, targeting 4380 and 4430.