Yesterday, gold broke down from higher levels and retreated. The Asian and European sessions maintained narrow-range consolidation with light trading activity. The US session was supported by stronger-than-expected US initial jobless claims data, with the US dollar and US Treasury yields rising in sync. Gold prices fell sharply from the 5190 level on volume, consecutively breaking key support levels, with the lowest reaching 5055. The session closed with a modest rebound at 5079, forming a large bearish candle on the daily chart. Short-term bearish momentum has concentrated in a release, with the technical picture entering an oversold correction phase.

Today is Friday and the weekly close. Early session gold prices stabilized at the 5055-5065 strong support zone after finding a bottom, with apparent buying support at lower levels. The one-way downtrend has temporarily slowed. Intraday action will be mainly characterized by oversold technical rebound corrections. From a medium-term perspective, this pullback remains a normal retracement correction within the uptrend. The bullish core structure has not changed, and this is not a trend reversal. If the daily close can hold above 5120 with the weekly structure remaining intact, gold prices are expected to restart their rebound next week and retest the previous high-pressure zone.

Key support on the chart is concentrated in the 5055-5064 zone, which represents the convergence of yesterday's low and today's double bottom, serving as an important bullish defense line. Secondary support is referenced at 5080-5090, which is the intraday short-term stabilization zone. Near-term resistance is at 5120-5148, representing the four-hour bull-bear dividing line and rebound resistance. Strong resistance above looks to 5180-5200, which is the key pivot for trend recovery.

Operationally, maintain a medium-term bullish stance with dip-buying as the main strategy, and be cautious about shorting. Friday fund positioning is frequently adjusted with volatility likely to expand. Strict position control and stop-loss settings are necessary. Multi-positions can be layered in the 5065-5080 range with stop-loss set below 5050. Target first resistance at 5120-5148, and look above 5180 after a breakout. If the rebound is capped at 5148-5160, small short positions can be taken for oscillation trading on a quick in-quick out basis.

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