5.6 Midday Gold Analysis

On the news front, the current market focus remains centered on the Federal Reserve's interest rate policy. Recently, US economic data has been performing reasonably well, leading to repeated expectations of rate cuts, with the dollar and US bond yields maintaining relative strength, putting pressure on gold.

From a technical perspective, the 5-minute structure has shown a clear decline, with the high points moving lower, forming short-term resistance. The key resistance zone above is 4615-4622; until it is broken through, it should be treated as oscillating and weak. Support below is around 4590-4600; if broken, further correction may continue. Moving averages are gradually flattening and trending downward, indicating a short-term weak consolidation.

In terms of trading strategy, it is recommended to mainly trade within the range, selling high and buying low.
Shorting near 4615-4622 with a target of 4595-4590;
If the 4590 level is tested and stabilizes, consider short-term long positions to catch rebounds. Overall, focus on quick entries and exits, avoiding chasing gains or cutting losses impulsively.
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