Spot Gold Intraday Trading Analysis (Juejin Laomao)

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Spot Gold Fluctuates and Builds a Bottom with Support, Primarily Bullish Intraday

Today’s spot gold (XAUUSD) opened at 4607.87, yesterday’s close was 4596.85, with the highest intraday touch at 4634.66 and the lowest at 4569.87. As of the latest quote, it stands at 4586.55, down 0.22% from yesterday’s close. In the 30-minute K-line chart, the price dipped to 4569.87 and quickly rebounded. Although it surged to 4634.66 and then pulled back, the support at lower levels is evident. The price oscillated around the 4580-4600 range at midday, showing an overall pattern of oscillating and building a bottom with a bullish bias.

The market’s expectation of a Fed rate cut still provides support. US economic data has not shown strong hawkish signals, and the dollar index is struggling to rise. Coupled with the potential boost from geopolitical risk aversion, buying pressure below gold is gradually accumulating. In the battle between bulls and bears, the bearish momentum has already begun to weaken.

From a 30-minute technical perspective, after the pullback, the price did not break below previous lows. The MACD indicator shows signs of a golden cross forming at low levels, with the green bars continuously narrowing. The lower band of the Bollinger Bands at 4569.87 provides effective support. The moving averages are turning upward, indicating an initial bullish reversal signal in the short term.

In terms of trading strategy, focus on a bullish outlook for the day. Look for long entries in the 4570-4580 range, with a stop loss below 4565. Target levels are 4610-4630. If the price breaks above the 4635 resistance level, consider adding positions to aim for around 4650.

This analysis is based on 30-minute K-line data of spot gold and publicly available information. It is for trading reference only and does not constitute investment advice. Trading involves risks; investors should exercise caution and make decisions based on their own risk tolerance. I am not responsible for trading outcomes.