Mu Yao: After the gold major sun closes, volatility intensifies. Before evening data, observe the range.

Yesterday, gold opened at 4719.6 in the early session, initially pulled back to 4697.5 for consolidation, then surged significantly during the US session to a high of 4801.5 before facing resistance and pulling back, closing at 4765.7, forming a long upper shadow bullish candle on the daily chart.

The short-term 5-minute cycle surged and then pulled back, stabilizing and recovering, with diminishing upward momentum, entering a high-level consolidation; the medium- to long-term bullish oscillation pattern remains unchanged.

Fundamentally, the market is a tug-of-war: geopolitical tensions in the Middle East support gold prices, and increasing ETF and futures holdings provide a capital floor; however, hawkish comments from Federal Reserve officials delay rate cut expectations, and the dollar's rebound short-term suppresses gold prices.

Tonight, focus on U.S. initial jobless claims data and inflation-related speeches, which may trigger sharp volatility in gold. The bullish trend remains intact for now; profit-taking at high levels is intensifying oscillations, so watch for key support and resistance breakouts.

Trading ideas:
Buy near 4780–4800, stop-loss above 4806, target around 4730, 4705.
Sell near 4705–4730, stop-loss below 4696, target around 4780–4800–4850.

Reminder:
The above analysis is Mu Yao's personal view. Markets are ever-changing; this content is for reference only and does not constitute any investment advice!