April 23rd Gold Morning Outlook

As Middle East risk aversion eases and US-Iran tensions relax, gold prices previously faced downward pressure and retreated; however, disruptions in energy supply support oil prices, and geopolitical residual warmth still provide a bottom support for gold. Strong US economic data has cooled expectations of rate cuts, the dollar and US bond yields are rising, ETF holdings continue to decrease, suppressing gold prices; meanwhile, global central banks increasing their gold holdings limit the downside.

Currently, gold prices are in a high-level consolidation and recovery phase, with short-term moving averages converging, indicating a balance between bulls and bears. The Bollinger Bands are narrowing, with the upper band at 4771, the lower band at 4710, and the current price near the middle band at 4747. The range is tightening, awaiting a breakout direction. The overnight low of 4694 provides support, with resistance at 4750-4770. The short-term range is 4695-4770.

Key Levels
Resistance: 4770 → 4800 → 4835
Support: 4720 → 4700-4695 → 4665

Trading Ideas (1-hour Bollinger Band range)

Buy on dips at 4695-4710, with a stop below 4690, target 4760-4770

Short near 4770 on rebounds, with a stop above 4800, target 4730-4720

Breakout above 4770 targets 4800-4835; a break below 4695 requires adjusting the strategy

These suggestions are for reference only; please follow Brother Liang’s actual trading signals.