April 28 Gold Research Report | Intense Bull-Bear Battle, Market Nears a Directional Decision, Focus to Watch

Currently, gold prices are fluctuating at high levels with repeated oscillations, similar to a roller coaster followed by narrow-range tug-of-war, with upward momentum continuously weakening. The previous rally failed to stabilize at high levels, leading to a pullback and correction. At present, bulls and bears are fighting in a critical zone, with increased contest, and today’s key focus is on core attack and defense levels, waiting quietly for the market to break out and choose a direction.

Yesterday, gold attempted to reach the 4730 resistance level but failed, quickly falling under pressure, and in the evening, it dropped to around 4667 to halt the decline and stabilize, with a slight rebound at the close to recover. On the chart, selling pressure above is heavy, limiting the rebound space; support from buyers below is strong, restricting downside potential, but the bullish momentum has clearly diminished, and the overall pattern is gradually weakening.

Market Core Drivers

1. The US dollar remains strong, combined with a rebound in asset yields, continuously diverting market funds, significantly weakening gold’s appeal as a safe haven and store of value.

2. Global risk sentiment is gradually cooling down, with a sharp retreat in safe-haven buying, and gold’s bullish demand remains weak.

3. Short-term technical patterns are weakening, with a rally followed by a decline breaking key support levels. The short-term trend has shifted from strong to weak, and even if a phase rebound occurs, its strength will be limited. The overall pattern remains biased toward weakness.

Today’s Trading Reference
Short position suggested in the 4715-4730 range, with targets at 4670-4650.
Long position suggested in the 4665-4650 range, with targets at 4700-4730.