Mu Yao: Revisit low longs, seize the opportunity to repair the rebound

The easing of Middle East tensions and the cooling of conflicts have driven risk aversion sentiment lower, but regional shipping lane risks still exist. International oil prices remain high, and inflationary pressures provide a bottom support for gold prices. U.S. economic data perform strongly, with consumption exceeding expectations, significantly reducing rate cut expectations. The dollar and U.S. bond yields strengthen, increasing holding costs, and short-term gold prices come under pressure. Global central banks continue to increase their gold holdings, with medium- and long-term support remaining solid, and limited room for correction.

After a sharp decline, gold prices enter a recovery and consolidation phase, with daily bullish and bearish forces balanced, and weakening downward momentum. The 4-hour rebound pace slows down, and the market falls into a range-bound oscillation. Focus on support at 4720-4700, resistance at 4770-4800.

A buy position can be arranged at 4730-4740, targeting 4770-4780.

Note:
The above analysis is Mu Yao’s personal view. Markets are ever-changing, and this content is for reference only. It does not constitute any investment advice!