Gold Miner Old Cat: Gold Rises to Resistance, Pullback and Bottom-Finding Drama Unfolds

Today, spot gold opened high and moved lower. After the market opened, the 4475 level became a difficult resistance to break. The price briefly surged to 4466.39 before continuing to decline. Currently, it is oscillating within a narrow range around 4440, with the overall trend showing weakness.

From a news perspective, the market lacks significant data guidance today, and sentiment remains cautious. Gold's performance is more of a continuation of the previous trading day's trend. The stabilization of the US dollar index and a slight rebound in US stocks have somewhat weakened gold's safe-haven appeal, which is one of the factors limiting its upward potential.

Technically, on the 5-minute chart, after reaching the 4475 resistance level, the price pulled back. It is now in a correction phase seeking a bottom. The lower support at 4425 is the bottom of the previous consolidation zone, with strong buying support. If it unexpectedly breaks below, further attention should be paid to the psychological support at the 4400 level. The initial resistance on the upside for a rebound is at 4455. If a successful breakthrough occurs, there is potential to challenge the 4475 resistance again.

Today's trading strategy can revolve around the range. Focus on the support at 4425-4400 and the resistance at 4455-4475. Consider going long near support levels or short near resistance levels, with strict stop-loss placement. If the price breaks through key levels, be prepared to adjust your strategy promptly.

Finally, it is important to remind that this analysis is for reference only and does not constitute any investment advice. The market carries risks; investment decisions should be made cautiously. Investors should make independent judgments based on their own circumstances and bear all responsibilities themselves.