April 17th, Gold Morning Review:

Rebound encountered resistance at high levels, consolidating within a range

News Outlook

Market risk aversion sentiment has eased somewhat, as the upward momentum driven by geopolitical tensions has gradually weakened, coupled with the slight stabilization and rebound of the US dollar index, exerting some pressure on gold prices. Although institutions remain optimistic about gold’s core value as an inflation hedge and interest in precious metal assets continues to grow, current market trading sentiment is cautious, with funds generally waiting for new market signals. Short-term, the bulls and bears are increasingly competing.

Technical Analysis

On the 1-hour chart, gold prices have fallen below the middle band of the Bollinger Bands, with resistance levels gradually moving lower. The bullish upward pace has temporarily slowed, entering a high-level correction phase. The KDJ indicator has formed a death cross and is diverging downward, indicating short-term weak and oscillating movement. However, key support levels below remain effective, with no signs of breakdown or further decline. Overall, gold is currently in a high-level correction, with limited room for upward or downward movement, and no clear trend emerging. Range-bound trading is the main approach.

Trading Strategy

If the rebound faces resistance at 4810-4830, consider small short positions, targeting 4790-4770.
If the price pulls back to 4780-4760 and stabilizes, consider opportunistic long positions, targeting 4800-4820.