Gold Market Observation: Key Levels and Trend Interpretation

Core Logic Summary
1. Policy Factors with Mixed Signals: The Federal Reserve's rate cut pace may be slower than expected, but a weak dollar trend and international uncertainties jointly support gold prices.
2. Divergent Data Impact: Recent US economic data remains resilient, limiting rapid gains in gold prices, but does not change the medium- to long-term demand for safe-haven assets.
3. Technical Level Approaching Critical Zone: Gold prices have entered a consolidation phase after breaking through 4600. In the short term, focus on whether it can hold the key support to assess the strength of the consolidation.
Technical Key Levels Reference
· Recent support levels: around 4600 → 4580 → 4560
· Recent resistance levels: 4625-4630 → 4635-4640 zone
· Medium- to long-term important levels: if the consolidation stabilizes, watch the 4650-4660 area; key support is near 4500.
Today’s Focus
The Federal Reserve Beige Book will be released at 11 PM tonight, reflecting economic conditions across US regions, which may influence market expectations of monetary policy. It is recommended to closely monitor the market reaction after the release.
Summary of Views
The medium- to long-term trend structure remains unchanged, but the short-term is in a high-level consolidation phase. Observe the support around 4580; if it holds, there is still upward momentum after consolidation. If it breaks below, further adjustment towards the 4560-4555 area may occur. With mixed bullish and bearish factors, maintaining observation and waiting for the trend to clarify is a prudent approach.
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