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Muyao: Deep V holds steady—range trading awaits a breakout
After gold surged overnight to 4773, it fell sharply on the hawkish impact of the US CPI, briefly touching a low of 4638. It then formed a deep V reversal and rebounded; the daily chart’s long lower wick signals stabilization, with solid support below.
Today’s early session saw a rise followed by a pullback. In the afternoon, gold traded in a high-range consolidation around 4698. Bulls and bears are locked in a stalemate, with cautious dealings during the Asia and Europe sessions as market participants wait for guidance from the US evening data.
Afternoon strategy: If price pulls back to 4680-4685 and stabilizes, go long with a light position. Stop loss is below 4675. Targets are 4715 and 4725.