GOLD: Maintain a Primarily Long Bias
$Gold - main 2608(GCmain)$Gold prices stabilized around $4,500 on Friday (May 29), following a rebound from the previous trading session. Reports of an initial agreement between the U.S. and Iran eased market concerns over inflation and interest rate outlooks.
Technical Analysis: After a sharp V-shaped rebound from a deep decline, gold found support at the bottom (around 4368–4372) and launched a powerful technical recovery. Moving average divergence correction: Following a rapid surge to approximately 4511.88, prices clearly diverged from the moving averages (MA). The current phase features sideways consolidation or slight pullback at higher levels—a typical adjustment in both time and space after a steep rally.
Strong resistance zone above: Resistance lies in the range of 4540–4545, a previously congested and highly contested zone. This area is a critical battleground, making it difficult for bulls to break through decisively.
Currently, bullish momentum is pushing toward the resistance zone at 4540–4545. With the logic of core inflation easing continuing throughout the day, bulls hold a clear and dominant advantage. For now, maintain a primarily long bias.
Strategy: XAUUSD
Buy: 4493–4495, TP: 4525, SL: 4480
Sell: 4540–4542, TP: 4520, SL: 4555
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