5.7 Gold Morning Outlook:
Yesterday, gold experienced wild fluctuations, surging over 170 points in a one-sided rally. After the US market opened, the upward momentum slowed, and there was a tug-of-war between bulls and bears at high levels.
This morning, gold prices are consolidating around the 4700 mark, and we still need to wait for market news to spark a new round of trend.
On the technical side, the 4-hour moving averages are in a bullish arrangement, with the RSI sitting in a neutral zone, indicating a standoff between bulls and bears in the short term.
Key resistance above is at 4720, with strong pressure at 4750;
Short-term support below is at 4680, with strong support at 4660.
It's very likely that we will continue to see high-level consolidation today, with no signals of a downturn in the short term. Caution is advised when chasing long positions at these high levels; a range-bound approach is more stable.
Trading Suggestions:
Scale into short positions in the 4720-4750 range, targeting 4680-4660 in stages.
For dips to 4650-4660, scale into long positions, targeting 4715-4730 in stages.
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