4.16 Jianxi Gold Evening Review

After gold surged higher in the morning, it then pulled back. After topping near 4838 and coming under downward pressure, it has now returned to around 4805. At the lower Bollinger Band position, it is temporarily supported. In the short term, it is just choppy consolidation and adjustment.

On the news front, the Middle East situation is still providing safe-haven support for gold. However, the U.S. dollar and U.S. Treasury yields have rebounded, and market expectations for Federal Reserve policy have been swinging back and forth, which has suppressed gold’s upside. Bulls and bears are pulling against each other, and price action remains in high-level range-bound volatility.

From a technical perspective, the Bollinger Bands’ opening has leveled out. The price has retraced to around 4803 near the lower band. Key support below is at 4797. The mid band at 4816 and the upper band at 4830 are two resistance levels. At present, it is still range-bound volatility, waiting for a breakout.

Trading suggestions:
Buy when it pulls back to around 4795-4775;
If the market directly rallies, you can follow up with a long position around 4805;
Initial target looks to 4830; after a breakout, continue to look for above 4850.$XAUT #美伊局势和谈与增兵博弈