April 9th Gold Morning Analysis

Affected by the announcement of a temporary two-week ceasefire between the US and Iran, geopolitical risk sentiment has significantly cooled, and safe-haven funds are gradually exiting the market. Additionally, after a rapid rise in gold prices earlier, profit-taking has concentrated, leading to a phase of correction in gold prices.

Currently, the market is focused on the upcoming Federal Reserve meeting minutes (tonight) and CPI data (tomorrow), with overall trading sentiment remaining cautious.

In the chart, gold prices briefly surged to around 4857 yesterday, breaking through briefly before quickly retreating, with the daily chart closing with a series of downward candles. The overbought pressure at previous highs has been temporarily corrected through technical adjustments.

It is important to note that the short- and medium-term moving averages still maintain a bullish alignment, and the larger-term upward trend has not changed. The bulls still have momentum for a rebound. Caution is advised against chasing short positions.

Trading suggestions:

Look for opportunities to go long on pullbacks to the 4680–4650 range, with target resistances gradually at 4768, 4850, and 4880.