Market review

Spot gold is trading at 3,644.56 USD/oz, up 0.05% on the day. Price pulled back in the previous session and is now looking for new upward momentum to resume the rally. While RSI shows overbought conditions being worked off, the overall tone remains strong.

Technical analysis

1-hour key technical signals:

- Price is effectively supported by the EMA50 and is trading above it.

- RSI shows overbought conditions, indicating a need for short-term technical consolidation.

- The main bullish trend still dominates technically.

- Key support: 3,610.00 USD/oz

- Important resistance: 3,670.00 USD/oz

Capital flow analysis

Institutional investor confidence increased:

- SPDR Gold Shares holdings rose by 3.20 tonnes to 985.60 tonnes, the largest single-day increase in a month.

- COMEX gold futures non-commercial net long positions rose by 8.70% month-on-month.

- 65% of institutional investors expect gold to continue rising this week.

Trading strategy reference

Spot gold

- Long opportunity: buy on a dip to 3,610.00 if it stabilizes, target 3,630.00

- Short opportunity: short on a rejection at 3,670.00, target 3,650.00

- Key logic: range trading—sell high, buy low within the consolidation

Spot silver

- Long opportunity: buy on a dip to 41.700 if it stabilizes, target 42.000

Risk warning: Trading markets carry unpredictable risks, including but not limited to loss of principal. This analysis is for reference only and does not constitute direct investment advice. Investors should make independent judgments and decisions based on their own risk tolerance.