April 29th, Morning Gold Market Analysis

After a continuous sharp decline, the bullish rebound shows no strength, and the market repeatedly forms doji candles, indicating that the downward momentum of the bears is gradually exhausted, and the market is beginning to stabilize and bottom out at low levels.
On the 15-minute chart, after a sharp drop earlier, the price has already deviated significantly from the moving average, with obvious oversold signs, and there is a strong short-term rebound and correction demand. The key support level is the low point of 4554 from yesterday; this support is very strong, and the downward space is limited. The short-term resistance is in the 4600–4620 range.

On the fundamental side, the Fed's rate cut expectations have cooled, and the dollar has strengthened, which has been suppressing gold prices, but this wave of negative factors has basically been digested. Additionally, the ongoing Middle East geopolitical conflicts continue to support risk aversion sentiment, providing a floor for gold prices; plus, global central banks have been increasing their gold holdings on dips, so the long-term bullish logic for gold remains unchanged.

Tonight, focus on the Federal Reserve decision. If dovish signals are released, the dollar is likely to weaken and fall back, which will directly drive gold to rebound and rise.

Currently, gold is just a profit-taking correction from high levels, not a major trend reversal. After the oversold condition, buying on dips to seek rebounds offers a high cost-effectiveness. In terms of operation, it is recommended to hold light positions and buy in batches, strictly controlling risks.

Personal trading ideas:
Buy on dips around 4560–4567, targeting 4620–4650.
Sell on rebounds around 4680–4695, targeting 4560–4550.