Juejin Old Cat: Gold Bulls Sprint, The 4980 Level Is Within Reach

Hello everyone, I am Juejin Old Cat. At the opening this morning, we firmly maintained a bullish outlook. Currently, gold prices are moving in line with our expectations, and the short-term target of 5000 is now within reach.

Today's market is a perfect demonstration of a bullish trend. After a brief pullback to the 4900 integer level at the open, prices surged strongly, reaching a high of 4977. The current quote is 4975, with an intraday increase of nearly 0.8%. Starting from the 4900 support level, we continuously highlighted long opportunities, accurately capturing each wave of upward movement. The last wave even gained over 20 points, ending perfectly.

On the news front, the Fed's rate cut expectations continue to heat up, combined with geopolitical risk aversion sentiment, leading to sustained capital inflows into gold, providing ample momentum for the bulls.

Technically, the hourly chart shows a clear bullish trend. Prices are steadily rising along the upward channel and are now testing the critical resistance at 4980. The short-term important support is at 4950 below.

Regarding future strategies, we continue to maintain a low-buying approach. A pullback to the 4950-4960 range is a good opportunity to go long, with a stop loss below 4940. The target is around 4980-5000, and upon breaking through, it can continue to rise toward 5020. If gold directly surges to the 4990-5000 zone and encounters resistance, consider a light short position with a stop loss above 5010, aiming for a pullback to 4970.

Disclaimer: This article is only a personal trading idea shared by Juejin Old Cat and does not constitute any investment advice. The market carries risks; trading should be cautious. Investors should make rational decisions based on their own risk tolerance.