4.17 Simple Gold Morning Review

Yesterday, gold’s price action was a surge followed by a pullback. In the morning, it rose all the way to 4838, but then it topped out and couldn’t go higher. After that, it started to decline, and in the evening it fell back to 4773, reaching that day’s low. Afterwards, it rebounded slightly, and in the end it closed around 4790. Throughout the entire day, prices kept oscillating within the Bollinger Bands range.

On the news front, the unemployment benefits data released yesterday did not meet market expectations. The U.S. dollar was therefore pressured to some extent, which also provided gold with short-term upside support. However, the risk-off sentiment driven by the current geopolitical situation, together with everyone’s cautious view of the upcoming macro policies—these two factors influence each other. As a result, the overall market atmosphere is relatively heavy with wait-and-see sentiment.

Looking at the technical side, the Bollinger Bands on the chart have been continuously tightening. The upper band is at around 4800, the middle band is close to 4791, and the lower band is at 4782. This indicates that gold’s short-term fluctuation range will keep getting smaller. Right now, the price is just near the middle Bollinger Band, with both bulls and bears tugging back and forth at this level. The upper band at 4800 is the short-term resistance level, while the lower band provides support. Overall, the trend is biased toward weak sideways consolidation, and it’s not yet clear which direction price will move next.

Trading suggestion: If the market pulls back to the 4790-4780 range, you can go long. If the market moves straight upward, you can go long at around 4795. For targets, first watch 4810, and then watch 4830 and higher. $XAUT #