4.22 Gold Briefing

Today’s gold trend was standard, with an overall bottoming out and rebound. In the early morning, it was pressured downward by Wosh hearing comments, with a low of 4668. During the day, the white session saw oscillation and recovery, with a high touching 4772. Currently, it is consolidating above 4750 in a range, and the rebound strength is considerable.

Fundamentally, there is a clear divergence between bullish and bearish views: geopolitical tensions remain deadlocked and oscillating, with no further escalation in conflicts, and risk aversion sentiment gently supporting gold prices; combined with hawkish U.S. policies, rising oil prices, and the dollar remaining high, which continues to constrain gold’s upward movement.

Tonight, pay close attention to the 22:30 EIA crude oil inventory data and Lagarde’s public speech in the early morning, which indirectly influence dollar fluctuations and drive gold price movements.

On the technical side, after a sharp decline on the daily chart, a weak correction cycle has begun, but no reversal trend has formed; the 4-hour K-line is operating below the middle Bollinger Band, with the overall trend still bearish. This rebound is only a technical retracement. Short-term oscillations are rising briefly, but the upward momentum is gradually weakening, and high-level indicators are dulled, indicating a need for a pullback or correction.

Key levels
Resistance: 4763-4770, 4788, 4800
Support: 4725, 4700, 4668-4650, 4630

Trading ideas
Light short positions around 4766-4770 on the rebound, with short-term targets at 4725-4700. If the key level is broken, look for further downside space.
If support at 4700-4720 holds, consider short-term long positions, with a small profit-taking above 4750.
If support at 4700 is effectively broken, follow the trend and go short, targeting 4660, 4630-4615 zones.