After the gold price began to fall from the historical high of 5596 at the beginning of the year, it fell to 4404, then rose to 5418, and then fell to the channel support level 4100 for the second time, and is currently in an upward cycle. In the short term, prices are affected by fluctuations in the situation between the United States and Iran, and the Fed’s interest rate cut may test the 4900-5000 range. In the medium term, prices face technical resistance from the channel. In the absence of sustained risk events, prices may rise first and then fall, with limited upside potential.

Gold prices fluctuated between 4700-4800 last Friday, and the daily chart showed a high consolidation pattern. The focus over the weekend will be on the possibility of successfully completing peace talks. Prices closed at 4748 on Friday. Short-term support is at 4730-4700, and strong support is at 4680. A break above 4680 could send the price down to 4640-4600. The short-term resistance is at 4770, and the strong resistance is at 4800-4856. A break above the 4880 level could lead to a rise in price towards 4900-5000.

In terms of trading strategy, it is recommended that short-term traders buy at low prices, while mid-term traders wait for opportunities to short at high levels.

Strategy 1: Buy near 4700, target 4900;

Strategy 2: Sell near 4960-5000, target 4600-4400;

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