The gold market has experienced significant fluctuations in recent days, characterized by volatile and indecisive price action. Movements have alternated between sharp rallies followed by pullbacks and dips followed by recoveries. On Thursday, the market failed to break out of its current consolidation pattern, maintaining its back-and-forth rhythm. Despite this, we maintain our view that the market is undergoing a corrective uptrend. Previously, the $5,100 level posed significant resistance, but with prices now trading firmly above it, we do not favor a bearish outlook as long as key support levels remain intact. Instead, we continue to align with the bullish momentum and anticipate further upward movement.

Yesterday, we emphasized entering long positions near the $5,146 support level, taking profits on the initial move, and re-entering long on any secondary pullback above $5,120. The market played out as anticipated: after approaching $5,200, gold retreated to $5,130 before quickly rebounding back toward $5,200. The timing of these moves was accurately captured. Following a swift dip and recovery from $5,130, prices are currently consolidating around $5,182.

For intraday trading, the first retracement should be used to establish long positions, relying on the solid support at $5,130. If prices manage to hold above $5,200 during European trading hours, any pullback during the U.S. session should be viewed as another long entry opportunity. If the market consolidates in a strong manner with limited downside momentum, traders can enter long near any minor low above the $5,130 defensive level, which offers more practical trading value than waiting for an exact bottom. After the U.S. market opens, further adjustments can be made based on real-time support levels.