April 6 reports — The gold price has reduced its decline slightly below the upward trendline. Momentum indicators show some weakening of selling pressure, but overall a bearish sentiment prevails.

On Monday, (April 6), the gold price stabilized, supported near the 100-day simple moving average (SMA) — around the level of $4,652. After a decline on Friday due to strong US employment data and another escalation of the conflict with Iran, which cooled expectations of a Fed rate cut, the decline was somewhat limited. Momentum indicators show weakening sellers: the MACD indicator turned upward above the signal line, although it remains below zero; the Relative Strength Index (RSI) has moved below the neutral level of 50 — indicating decreasing selling pressure, but the overall sentiment remains bearish. If the gold price bounces off the support at the 100-day moving average, the nearest upside target will be an important resistance level: the medium-term upward trendline intersects with the 20-day moving average, which also coincides with the 50% Fibonacci retracement level of the move from March 2 to 23, around the 4558 mark. Only a sustained close above 4850 will change the current downward trend and aim for a return to the 50-day moving average near 4944. (Daily chart of spot gold, source: YiHuiTong) On the other hand, if the gold price confidently breaks through the 4600 level, the next test will be the consolidation range of 4550–4375, formed at the end of March, and then the zone around 4150 — approximately corresponding to the 200-day moving average, slightly above the psychologically important mark of 4000. Overall, gold finds support around 4600 and is trying to recover, but limited demand from buyers keeps the short-term outlook bearish. Despite multiple attempts to break through the upward trendline, the price remains below it. The ability to stay above the 4550 level is key to restraining further strengthening of the bearish momentum.