Enzel: Bulls and Bears in a Seesaw Battle, 5000 Level Repeatedly Contested

Yesterday, Asian gold opened lower and gradually moved higher, displaying a steady rebound pattern, with the European session continuing its upward oscillation momentum, with the highest touch reaching around the 5044 level. In the early hours today, the market quickly pulled back, with the lowest touch near 4973, followed by low-position oscillation stabilization and exploratory rebound, returning to near the 5000 level again, with extremely fierce contestation at this level.

The bears are pressing step by step, while the bulls are fighting back vigorously. The overall chart has stopped declining and stabilized, entering an accumulation consolidation phase. Currently, gold prices are oscillating repeatedly around 5000, showing a stronger trend after exploratory rebound. Before the interest rate decision meeting concludes, market sentiment leans toward cautious optimism, with bull sentiment warming somewhat and bear momentum temporarily subsiding, maintaining an overall orderly rhythm.

Although the short-term downtrend has eased somewhat, the key resistance level for bulls above remains around 5065, which may face another test in subsequent trading. It is expected that before a new wave of decline unfolds, gold prices will likely be dominated by range repair and oscillation consolidation. Operationally, it is advised to patiently await an ideal entry point and avoid chasing blindly.

Trading Suggestions:
Bulls: Enter near 4970-4980 levels, stop loss below 4960, targeting 5000-5020-5050 levels

Reminder:
The above analysis is Enzel's personal analysis for reference only and does not constitute any investment advice!
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