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In the short term, gold is still operating within a large range between 5000-5200, which indicates that despite the continued emergence of important macro news, the market is not ready to enter a clear trend. After the unemployment benefits data was released yesterday (213,000, lower than expected), the U.S. labor market continued to show signs of stabilization, helping the dollar maintain its strength and hindering the continued upward momentum of gold prices.
In addition, geopolitical factors and military tensions remain, prompting defensive capital to stay in the market, but at the same time, speculative capital is not enough to push gold prices beyond the current consolidation zone.
On the 2-hour chart, gold price broke through the short-term upward trend line, retested the FVG area near 5140-5160, and then continued to pull back to the 5055 support area, and the market began to show a buying reaction. This shows that the current structure is still moving sideways in a large range, and the upward and downward movements are mainly to clear up liquidity at both ends of the price range.
main scene
If prices do not regain the 5120-5140 area, gold prices may continue to test the 5055 → 5000 support, which is the key liquidity area for the entire range.
recovery scene
If buying pressure holds the 5050 area, gold may form a technical rebound to 5120 → 5160 (FVG area + structural retest) before taking the next trend.
critical level
• 5200 – 5220: Display area of ​​the range
• 5120 – 5160: FVG area/structural retest area
• 5055 – 5000: Main support area
• Main range: 5000 – 5200
news tonight
The market will pay close attention to core PCE CPI, GDP preliminary data and JOLTS, which may bring strong volatility to the US dollar and gold.
Stronger-than-expected data → rising US dollar → gold prices may retest 5050-5000.
Weak data → gold price may rise back to 5150-5200.
Under the current background, gold prices are still consolidating on a large scale before a real breakthrough will occur.
Follow LucasGrayTrading for the latest updates on gold’s roadmap across multiple time frames and important liquidity areas ahead of major market moves.
