Juejin Old Cat: Can the Gold Opening Recreate Yesterday's Surge?

The market is never short of surprises. Yesterday, gold opened sharply higher and surged over $75 in a single day, with bullish momentum exceeding expectations. Currently paused around 4670, just one step away from yesterday's high, the market is watching to see if the opening can replicate yesterday's breakout.

From a news perspective, the geopolitical tensions and easing expectations that drove gold's sharp rise yesterday still support the market. However, the short-term gains are excessive, and there is profit-taking demand. Without new stimuli, the bullish momentum may phase out.

Technically, on the hourly chart, the price has stabilized above the short-term moving averages, indicating a clear bullish trend. But 4670 is approaching a key resistance zone, and the KDJ indicator is overbought. If the price surges directly after opening, it may encounter selling pressure; if it pulls back to test support, it could be more conducive to subsequent gains.

Our strategy is primarily to buy on dips, avoiding blindly chasing highs. The buy zone is 4645-4655, which is the key support zone from yesterday's market and the core defensive area for short-term bulls. If the price pulls back to this zone after opening, consider layering long positions with targets around 4690-4700; if it surges directly near 4700, avoid chasing longs for now, and consider light short positions to play the pullback, with a stop loss above 4710.

Disclaimer
This article is only a personal trading idea sharing and does not constitute investment advice. The market changes rapidly; please make decisions based on your own risk tolerance and conduct proper risk management during trading.