April 28th Gold Brief

Yesterday, the white session gold rebounded to around 4731 at its highest, tested 4670 in the evening then slightly recovered, Jing Yi’s position yesterday gained 60 points, this morning it surged to 4700 then quickly fell back. The market shows a pattern of lower highs and repeated tests of lower lows, combined with a V-shaped reversal of the US dollar index, increasing downside risk.

Recently, gold prices have been under pressure to decline, as the safe-haven effect from geopolitical tensions gradually diminishes; the stalemate in US-Iran negotiations and shipping disruptions have pushed oil prices higher, and inflation rebound has weakened the Federal Reserve’s rate cut expectations. Global central banks are slowing their gold purchases, with some local sales, weakening long-term gold buying support. Tomorrow’s Federal Reserve policy meeting, the last chaired by Jerome Powell, will focus market attention on policy guidance, with high interest rate expectations continuing to suppress gold price rebounds.

From a technical perspective, the daily chart shows oscillation with a slight weakness, with moving averages in a bearish alignment, and Bollinger Bands narrowing downward, indicating an ongoing downtrend; the 4-hour chart shows a stepwise decline, with the main trend bearish, momentum weakening but the channel intact; the 1-hour price is under pressure below the trendline and the middle Bollinger Band, dominated by bears, in a phase of downward buildup, awaiting a breakout signal.

Support: 4645-4630-4600
Resistance: 4690-4700-4715

Trading suggestion: Focus on shorting on rebounds during the day, establish short positions steadily above 4715, which can also serve as the intra-day support/resistance dividing line. #WCTC交易王PK