Pre-market trend | ZIJIN MINING (2899.HK) stagnated at a high with reduced volume on May 4, is bullish momentum declining?

Yesterday's closing price for ZIJIN MINING was HKD 35.8, a slight increase of 0.34%. However, behind this seemingly stable rise lies hidden concerns. The daily trading range narrowed to between HKD 35.72 and HKD 36.38. Although the stock price barely held above yesterday's close of HKD 35.68, bearish signals have already emerged on the daily MACD level, indicating that the previously sustained upward momentum is weakening, and bullish forces are showing signs of temporary loosening. The total trading volume for the day was approximately HKD 982 million, still ranking among the industry's top, but significantly down from previous active trading days, indicating a cooling willingness to chase prices. On the news front, Bridgewater's Ray Dalio recently publicly suggested allocating 5%-15% to gold assets and avoiding cash, stating that "AI, U.S. Treasuries, and geopolitics" are forming a synthetic storm. This statement has temporarily boosted sentiment in the gold sector. However, at the same time, there are signs of marginal easing in the Middle East situation—Iran has submitted a 14-point proposal to the U.S. and set a deadline for negotiations, while the U.S. has announced the initiation of a "freedom of navigation" escort mission in the Strait of Hormuz. If geopolitical tensions ease temporarily, the support of safe-haven funds for gold stocks may weaken accordingly. As the leading gold stock in the Hong Kong market, ZIJIN MINING is extremely sensitive to fluctuations in gold prices. Currently, gold prices are oscillating at high levels, and the choice of direction in the short term will be crucial for stock prices. From a technical perspective, ZIJIN MINING's stock price has been consolidating repeatedly in the HKD 35-36 range, with short-term pressure forming around HKD 36.5. The 5-day moving average has begun to flatten; if the subsequent trading volume cannot effectively increase, the stock price may face pressure to seek support downward