Gold Outlook for April 17

The Middle East situation shows signs of temporary easing, and the cooling of risk-averse sentiment has put pressure on gold prices; however, geopolitical risk uncertainties have not been eliminated, and combined with global central banks’ continued gold purchases, support below remains relatively strong. The US dollar has edged higher, but its upward pace is also limited.

Gold prices continue to trade in a range within the Bollinger Bands, with short-term moving averages flattening; buying and selling forces between bulls and bears are balanced, and overall it presents a high-level consolidation pattern with no clear directional trend. The resistance zone is located at 4810-4835, and the important support area below is 4770-4750.

Personal suggestion: buy in batches on pullbacks to the 4755-4775 range; if there is a deeper correction to the 4725-4745 area, you may consider adding positions.
If the market moves directly upward, you can place a small-position setup around 4785.
Upper targets are 4800 and then 4830.

Place short positions in the 4810-4835 pressure zone for the rebound.
Lower targets are 4780 and then around 4750.
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