Today’s market bottomed out and then rebounded. In the morning, it dipped to 5125 and reversed upward; in the afternoon, the bulls strongly pushed higher, approaching the 5191 high point. Currently, it is trading around 5180, showing a clear bullish pattern.

Supported by geopolitical risk premiums in the Middle East, combined with a weakening US dollar and US Treasury yields, the resistance to gold’s upward movement has decreased; technically, the short-term trend is upward, oscillating higher along the moving averages. The key level to watch is the 5191 resistance: a successful breakout and a firm hold above it would suggest continued upward momentum; if rejected and the price falls back, short-term consolidation is likely.

Strategy: Consider establishing long positions around 5160-5170, with a stop loss at 5151, and target the 5190-5210 range.