4.6 Gold Oversold Rebound: Can Gold in the US Session Still Break 4700?

Looking at the 4-hour chart, MACD has formed a golden cross below the zero line with increasing red bars, indicating that the bearish momentum has been fully exhausted and the bullish momentum is steadily building. The RSI has risen back to the 55-60 range, successfully escaping the oversold zone, with bullish sentiment continuing to recover and not yet entering the overbought territory, leaving room for further upside. The lower Bollinger Band is flattening, and the middle band is turning upward; prices have rebounded strongly from the lower band to the mid-upper band area. The MA5/10/20 moving averages are all turning upward, with prices holding above the moving averages, which are arranged in a bullish pattern. The 4660-4680 zone has formed an effective support.

On the 1-hour chart, MACD is operating at high levels above the zero line, with red bars slightly converging after a rise, indicating that bullish momentum is weakening. Although a death cross has not formed, a short-term correction signal has appeared. The RSI surged above 70 into the overbought zone and then pulled back, currently around 60, with bullish sentiment still present and overbought pressure gradually easing. The Bollinger Bands are opening upward; after prices touched the upper band and then retreated, the upper band is flattening, suggesting short-term volatility is narrowing and entering a consolidation phase. The MA5/10/20 are maintaining a bullish arrangement, with prices oscillating above the moving averages; as long as the support at the middle band holds, the bullish pattern continues. Key support is at the 4660-4680 moving average zone, with resistance at 4730-4750. Overall, gold is currently in an oversold rebound stage, and the bullish trend has not been fully reversed.

Gold Trading Strategy: Rebound to 4720-4730 zone, consider light short positions with a stop loss at 4740, target 4650–4630.

Disclaimer: The above content is for personal ideas and opinions sharing only and does not constitute trading advice.