On Thursday, May 29, the gold market initially continued its downward pressure during the early session, with prices declining to break below the 4400 level, finding support around 4366 before rebounding. Prices subsequently sustained a slow and steady rise. The recovery of the 4400 level signified a strengthening of the bullish counteroffensive, a signal that could not be ignored. Therefore, it was suggested that a short position could be considered on the first touch, while caution was advised on a second touch.

In a weak market trend, resistance levels for viewing the downside should generally not exceed the previous key breakdown points. Multiple approaches or touches of these levels gradually consume bearish patience and momentum. After the market bottomed out and rebounded, breaking above the 4400 high, the logic became clear: the counteroffensive would continue. However, the extent of the continuation was indeed unexpected, as it broke through the 4465 high from the previous day's late session. This signal is crucial. Following the breach of a key resistance level, a continuation of the upward move is likely, with the next strong resistance zone around 4540.

The daily chart closed with a medium-bodied bullish candle featuring a long lower shadow, overall exhibiting a bottoming-out and reversal pattern with strengthening momentum from the lows. On the 1-hour chart, consecutive large bullish candles lifted the price from the lows. As of the Asian session today, the price rebounded to a high of 4520 before facing pressure and retreating. During the day, it can be observed whether support around 4465 holds effectively. If the price pulls back, considering a long position first may be an option. If the rebound continues in the afternoon, then a short position could be considered if resistance is encountered below 4540, exiting with a profit of 40-50 points. Subsequently, wait for a lower point to form before entering a long position. It is anticipated that after adjustment during the day session, there may be another upward move during the evening session.

Operational reference: For the day session, consider a long position on a pullback to 4466, target 4510. If the price initially rebounds and touches 4527 or above during the day session, consider a short position, target 40 points. Later, consider positioning for a swing long around the 4515 zone, following up with a long position upon a break above 4540.