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4.8 Gold Market Analysis
In the morning, stimulated by the Middle East ceasefire news, gold prices surged violently, reaching a high of 4854.98. Subsequently, the rally faced resistance and pulled back from the highs. The bullish momentum has significantly weakened, with strong resistance above 4850 remaining effective. In the short term, the market is entering a high-level consolidation phase, and rebounds present good opportunities for short positions.
The situation in the Middle East has temporarily eased, and risk aversion sentiment has quickly cooled down. Earlier long positions are concentrated in profit-taking, putting pressure on gold prices at high levels. The pulse-driven upward movement driven by news is unlikely to continue, and a correction is still needed overall.
Gold prices are stagnating at high levels, with exhausted bullish momentum. In the afternoon, the strategy is mainly to look for short opportunities on rebounds, with a focus on high-level shorting.
Trading Suggestions
Gold: Consider short positions in the 4820-4850 range, with additional positions above 4850. Target levels are 4780-4750, with a break below targeting 4720.