$XAU/USD (XAUUSD.CFD)$ With the slight fall in US bond yields, gold showed a clear rebound yesterday, although not particularly exaggerated in magnitude, it demonstrated strong support and made a good start. However, it is still early as the non-farm data will be released next week. If the data is unfavorable and accelerates the pace of interest rate cuts this year, gold will lose bullish news, and it is possible to continue the range-bound adjustment rhythm.
Looking at the spot gold daily chart, yesterday's gold price saw a slight increase after the reopening of the market, approaching the 2650 level again, indicating the support strength below. However, from a technical perspective, it is still in a consolidation phase. In addition, whether it is the short-term moving average group or the MACD indicator, no clear signals have been given, so it may continue to run in the range of 2620-2670 as the main theme before the end of this week.
Looking at the 4-hour chart of spot Gold, the recent trend can be seen to be mainly oscillating in the range of 2645-2595. Although there has been some rebound this week, the upward space cannot be quickly opened until firmly standing and breaking through the 2645 level. Currently, the short-term moving average group is providing upward support, but the MACD indicator has just returned near the 0 axis, so operationally it is temporarily recommended to still focus on selling high and buying low.
Looking to the downside of the 2662-2663 range, with a target of 2657-2652, defensively at $4.
2650-2651 range...