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Mu Yao: The night before the gold bulls-and-bears showdown! The key 4800 support battle is about to ignite
Gold is currently in a high-level consolidation pattern. After a surge earlier in the day, a technical pullback has appeared. Short-term indicators show that a rebound/repair is needed, and the overall trend awaits further guidance from tonight’s CPI data.
The current key support zone is concentrated in the 4800-4820 range. The main resistance above is at the 4870 area. For the short term, it is recommended to focus on a range-trading approach and not chase highs or chase lows.
Trading suggestion: long at 4800-4810, targets 4850 and 4880.
Reminder:
The above analysis is Mu Yao’s personal view. The market is ever-changing, and the content is for reference only and does not constitute any investment advice! #XAU$XAU