Gold Midday Analysis: Key Resistance Causes Pullback, Evening Data to Set Direction

Gold opened with pressure at 4888-4910, a strong resistance zone, and experienced a technical pullback, with a low of around 4750, perfectly confirming the view that "a pullback at high levels is not a reversal, do not blindly go long." Currently, prices are oscillating weakly around the lows.

The focus for the day is on the evening at 23:00, with two major data releases: the bi-monthly PCE inflation report and initial jobless claims at the beginning of the week. These data will dominate the short-term market rhythm: if the data reinforce expectations of rate cuts, gold may rebound from support; if inflation remains sticky beyond expectations, gold could break below key support and undergo a deep technical correction.

Clear key intraday long and short levels:

Support levels: First support at 4750 (intraday low, short-term support and resistance); second support at 4677; strong support at 4580 (mid-term trend key support).

Resistance levels: First resistance at 4830 (short-term rebound resistance); strong resistance at 4888-4895 (previous high resistance zone).