4.6 Next Monday Gold Analysis and Outlook:

Last week, gold initially rose then plummeted. It surged to 4747 at the start of the week but faced resistance, then on Thursday, it plunged on Trump’s bearish comments, dropping to around 4553. On Friday, non-farm payroll data was significantly bearish (adding 178k jobs far exceeding expectations). Due to the holiday suspension, the bearish impact was released this Monday, likely resulting in an opening gap down and a downward trend overall.
Market sentiment was heavily affected by the blowout non-farm data, causing the Fed’s June rate cut probability to plummet to 2%. The dollar and U.S. Treasury yields surged, pushing up the cost of holding gold, with short-term bearish dominance. Middle East geopolitical tensions provide some support, but it’s hard to offset the downward pressure from weak data.
Technically, the daily chart shows consecutive bearish breaks, breaking below key supports at 4700 and 4650, favoring bears. Short-term oversold conditions suggest a rebound is needed. Strong support levels are at 4600-4550, with resistance at 4700-4750.
Outlook for Monday, April 6: Likely to open gap down and trend lower, testing support at 4600 first. Holding above this level could stabilize and rebound; breaking below could lead to a further decline toward 4550-4500. In the second half of the week, focus on CPI data. Strong data may keep the market weak, while weak data could trigger a rebound above 4700. Overall, a pattern of initial suppression followed by a rally.
Trading Suggestions:
Buy on dips around 4550-4520 with a stop below 4500, targeting 4700 and 4750.
Sell on rebounds around 4750-4720 with a stop above 4760, targeting 4630-4600-4550. Strict stop-loss, quick entry and exit. $XAU ‌#Gate广场四月发帖挑战