Yesterday, gold broke down from the higher level and pulled back. The Asia-Europe session maintained a narrow consolidation with light trading activity. The US session saw the US dollar and Treasury yields rally together after strong initial jobless claims data, with gold prices falling sharply from the 5190 level, breaking through key support levels consecutively, testing a low of 5055, and closing at 5079 with a small rebound at the close, resulting in a large bearish daily candle. Short-term bearish momentum was concentrated and released, with the technical picture entering an oversold correction phase.

Today being Friday and the end of the weekly close, gold prices stabilized at the 5055-5065 strong support zone in the early session. Low-level buying support is evident, and the one-sided downtrend has temporarily slowed. Intraday trading will be dominated by technical rebounds from oversold conditions. From a medium-term perspective, this pullback remains a normal correction within the uptrend, and the bullish core structure has not changed, indicating no trend reversal. If the daily close can hold above 5120 and the weekly structure remains intact, gold prices are expected to resume rebounds next week and retest the previous high-pressure zones.

Key support levels are concentrated at 5055-5064, marking double bottom resonance with yesterday's low and serving as an important defense line for bulls. Secondary support is around 5080-5090, representing the intraday short-term stabilization zone. Near-term resistance is at 5120-5148, representing the four-hour level bull-bear divide and rebound resistance. If there is strong downward pressure above, watch 5180-5200, which is the key level for trend recovery.

Operationally, maintain a medium-term bullish bias, focusing on pullback lows, and avoid chasing shorts cautiously. Friday sees frequent position adjustments, with volatility likely to expand significantly. Strict position control and stop-loss placement are necessary. Consider layering long positions in the 5065-5080 interval, with stop losses set below 5050, targeting 5120-5148 first. After breaking through, watch above 5180. If the rebound faces resistance at 5148-5160, light short positions can be taken for oscillation trading, prioritizing quick entries and exits.
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