4.24 Brief Gold Morning Review

Yesterday, gold's movement was very clear, first surged to around 4753, then started to face pressure and decline, with a quick pullback in the evening, falling to around 4664, and finally fluctuating near the 4700 level, with the overall trend being weak, and the rebound strength completely lacking.

On the news front, geopolitical tensions combined with the fluctuating US dollar index have been periodically affecting gold prices, plus market sentiment has been changing unpredictably. Technically, there is also a need for a correction, making short-term resistance for gold particularly high.

Looking at the technical chart, currently gold is trading between the middle and lower bands of the Bollinger Bands, with both the upper and middle bands trending downward, clearly dominated by a bearish trend in the short term. The key support level is near the lower band at 4675, and the first short-term resistance is the middle band at 4704. Gold has attempted several rebounds but failed to break above the middle band, indicating a weak trend clearly.

Trading suggestions:
If the market rebounds to the 4715-4735 range, you can go short directly; the initial target is 4665, and after breaking that level, look toward around 4605.