1-7 Gold Midnight Review | Bullish continuation breaks previous high, gold price stabilizes in a strong zone before Non-Farm Payrolls

Tonight's gold movement fully confirms the bullish predictions from the early and evening reviews. After breaking the 4455 resistance in the European session, the bulls further gained momentum in the US session. The price broke free from the 4475 resistance and continued to push higher, with the intraday high reaching 4490. The current price is 4486, an increase of over 34 USD from the 4451 in the evening review. The intraday volatility expanded to nearly 181 USD, further strengthening the bullish trend indicated by the moving averages.

From a technical perspective, the 4-hour chart shows an increasingly clear bullish arrangement of MA7, MA20, and MA90. After breaking through 4475, there was no significant pullback. The short-term moving averages consistently support the gold price, and on the 1-hour chart, the price remains above the MA7 and continues to rise. Volume during the rally remains moderate, indicating that bullish buying interest remains strong, with no signs of profit-taking. The strong technical pattern remains intact.

Fundamentally, the US dollar index continues its weak correction, combined with the market’s "dovish expectations" for non-farm payroll data, which has already started to ferment. Even though US stocks remain volatile at high levels, gold’s safe-haven and inflation-hedging attributes continue to attract capital, serving as the core driver for breaking previous highs.

In terms of trading strategy, if the price pulls back and stabilizes in the 4470-4475 range tonight, consider adding light long positions with a stop loss below 4460, targeting 4490-4495. If the price hits the 4495-4500 range and shows signs of resistance, try a very light short position with a stop loss above 4505, targeting 4480-4475. Avoid aggressive chasing of orders.