Gold Evening Analysis

On Monday, gold opened lower and weakened, with a low of 4674.95, down 0.65%. The deadlock in US-Iran negotiations and a sharp rise in crude oil prices boosted inflation concerns. Coupled with expectations of Federal Reserve rate hikes and a strengthening dollar, these triple factors suppressed gold prices. This week, central bank interest rate decisions, US GDP, and PCE data are the key influencing variables, with ongoing instability possible in Middle East affairs.

From a technical perspective, the long-term bullish structure remains intact, but in the short term, due to overextended gains, a correction cycle has begun. The monthly RSI is at a high level, the weekly MACD is turning downward, and the daily moving averages have a death cross with increasing bearish volume. Short-term bears are favored, with likely fluctuations in a weak range between 4650 and 4870, breaking below 4650 or testing 4550.

Short-term indicators show oversold conditions and a rebound demand, but resistance above is dense, limiting the rebound space. Today's strategy is mainly to sell high and buy low, focusing on resistance at 4740-4770 and support at 4670-4690.
Reference strategy: buy at 4660-4680, target 4719-4730; sell at 4730-4750, target 4700-4660-4644. #黄金