On June 5th, regarding gold, the price stabilized and rebounded near 4424 yesterday, reaching a high of 4515 before pulling back. The market experienced sustained consolidation, with the daily chart closing as a bullish candle with an upper shadow. The chart pattern shows signs of a potential reversal; normally, the bias would be bullish for today. However, with the Non-Farm Payrolls data scheduled for tonight, caution is warranted.
Daily support is situated near 4438, with further attention on the 4400 psychological level. Long positions can be considered as long as these levels hold. Initial resistance above is near 4495 and 4515, with the main focus being the 4540-50 zone. Only a firm break and hold above this area would confirm a trend reversal.
Looking at the hourly chart, after finding support at 4424 yesterday, a decent rebound occurred. Following a brief false break above a key resistance, the price fell back but did not breach the day's low, indicating the overall market action remains consolidative.
From the chart perspective, support below is near 4457, which also serves as today's pivotal line. Short-term resistance above is initially around 4485, aligning with the daily key level.
Comprehensive analysis suggests a bullish bias for today, but due to the impending Non-Farm Payrolls data, conservative traders may opt to wait on the sidelines for clearer signals before acting.
Operational Recommendations:
Aggressive traders can consider long positions based on support at 4457 / 4438 / 4400, with reference entry points around 4463 / 4443 / 4408 (allow a 2-point range). Set an 8-dollar stop-loss for each position. The initial target is 4590-4515, after taking partial profits, watch for a firm hold in the 4540-50 region to potentially hold for a trend move. Conservative traders should await further intraday guidance.
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