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May 4, 2026 Spot Gold Analysis
Currently, the 1-hour and 4-hour moving averages for spot gold are both in a bearish alignment, with prices continuously under pressure below the moving averages across various timeframes. The highs and lows are gradually declining, maintaining a weak sideways downward trend. Short-term rebounds are mainly oversold corrections and do not indicate a trend reversal.
The medium-term downward trend remains intact, with indicators continuing to show weakness. Today, watch for resistance around $4,630-$4,650, and support levels at $4,580-$4,550. A break below support will further open the downside space.
In terms of trading, focus on following the trend for shorting at resistance levels. Do not blindly buy the dip against the trend. It is recommended to rely on the resistance zone of $4,630-$4,650 for pullback entries to short, with targets at $4,580 and $4,550. Strict risk management is essential.
The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng's layout for specific strategies! $XAUUSD