Gold rises above 4630 then pulls back, can the bullish trend continue?

Author: Gold Miner Old Cat

Today’s spot gold opened at 4523.05, yesterday’s close was 4509.93, reaching a high of 4630.21, a low of 4513.23, and finally closing at 4596.85, up 1.93%. After a one-hour rally, it slightly retreated and consolidated, with strong bullish momentum.

In the news, expectations of easing global monetary policy, weak economic data from major economies, and geopolitical tensions have driven safe-haven funds into gold. Coupled with a weakening US dollar index, these factors jointly contributed to a strong surge in gold prices.

From a technical perspective, on the one-hour chart, gold price broke through the consolidation platform, with moving averages in a bullish alignment, MACD red bars expanding, and Bollinger Bands opening upward. Although RSI entered overbought territory and showed a need for a correction, the support around 4580 remains relatively solid, and the bullish trend has not shown signs of reversal.

Strategy-wise, focus on buying low and selling high, with dips around 4580-4590 suitable for long positions, targeting 4620-4630, with a stop loss below 4570; if prices encounter resistance at 4630-4640, consider light short positions, targeting 4600-4590, with a stop loss above 4645. Trading should strictly control position sizes and monitor market news for changes.

Disclaimer: This analysis is for strategic reference only and does not constitute investment advice. The financial market carries high risks; investment gains and losses are solely the investor’s responsibility.