5.6 Gold Morning Market Outlook by Shiyuan

The first trading day after the May Day holiday, gold sees a key correction rebound. In the Asian session, it has strongly moved above $4,600 per ounce; it is currently trading around $4,624. The intraday gain is nearly 0.67%, and bullish sentiment has briefly recovered.

US-Iran tensions ease: On May 5, Trump announced a suspension of the Strait of Hormuz “Freedom Plan.” Iran agreed to concessions to open the strait first. As risk-aversion pressure fades and worst-case factors are exhausted, negative news runs out, driving a rebound in gold price. After dipping to the low of $4,504 on May 4, bargain-hunting funds entered the market. Combined with the digestion of the Federal Reserve’s hawkish impact, short-term bearish momentum weakens.

After stabilizing at a low level, it closes with a large bullish candle. MACD is below the gold❌; the red bars expand on rising volume. The bulls recover, and attention is on the effectiveness of a breakout through 4600-4620. Bullish alignment is in place, RSI forms a golden cross, and short-term support moves higher. The rebound pace is clear, but the strength remains to be observed.

Trading suggestions:
1. Pull back to 4580-4570 to go long; stop loss 4540; target 4620-4650.
2. After holding above 4620, pull back to add longs; stop loss 4580; target 4650; if it breaks through, watch for 4680.
3. If it falls below 4550, follow the trend on a short after the rebound; stop loss 4580; target the 4500 level.
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