XAUUSD: Bottomed Out and Rebounded intraday

Today gold showed a pattern of bottoming out and rebounding, trading stronger in consolidation. It opened lower in the Asian session, dipped slightly, then recovered gradually, as a technical rebound following yesterday’s sharp drop. The market remains cautious ahead of tomorrow’s U.S. CPI data.

1. Key Rebound Drivers
   Technical oversold recovery: After yesterday’s plunge, the 5120–5130 zone formed short-term support and attracted dip-buying funds.

Geopolitical safe-haven support: Ongoing tensions in the Middle East, combined with strength in silver, boosted sentiment across the precious metals sector.

Central bank buying support: Continuous gold purchases by global central banks provided medium-to-long-term support and eased short-term selling pressure.

2. Technical Highlights
   Daily chart: Long lower shadow shows strong buying interest below; price remains within the 5000–5200 wide trading range, with 5150 as the short-term pivot level.

4-hour chart: MACD green bars shrinking, KDJ turning up from oversold levels, indicating weakening bearish momentum and technical recovery signals; strong resistance at 5180–5200.

3. Key Support & Resistance
   Support
   First support: 5150–5160 (intraday rebound neckline, pivot level)
   Strong support: 5120–5130 (intraday low, bullish defense line)

Resistance
First resistance: 5180–5190 (intraday high, rebound pressure)
Strong resistance: 5200–5220 (psychological level + previous high zone, strong supply area)

4. Trading Strategy
   Buy 5150 – 5160
   SL 5140
   TP 5180 – 5200 – 5220

Sell 5190 – 5200
SL 5210
TP 5160 – 5140 – 5120

In the short term, gold will likely trade within the 5120–5200 range, with 5150 as the intraday strength pivot.Tomorrow’s CPI data will set the direction. Light positions and strict stop-losses are recommended ahead of the data, waiting for clarity after the release.