4.10 The gold weak trend has not reversed; short on rebounds

Market review:

Yesterday during the Asian session, gold prices ranged narrowly between 4699 and 4733, consolidating. After the European session started, the bulls gradually gained momentum, breaking above and opening upward space; during the U.S. session, the rally continued strongly, reaching a high near 4801. Subsequently, gold faced resistance at high levels and pulled back, closing around 4761.

On the 4-hour chart, the short-term moving averages are turning downward, with prices trading below MA5/MA10, only temporarily supported by the MA20 medium-term moving average. The rebound strength is clearly insufficient. MACD has shifted from red to green, with the green bars beginning to expand, indicating that bearish momentum is gradually releasing; RSI is in the 40–45 range, showing a weak trend, with some room for further correction below. The Bollinger Bands are opening downward, with prices moving along the lower band, indicating a clear weakness.

On the 1-hour chart, MA5 and MA10 are highly close and flat, slightly downward, with short-term bullish and bearish forces temporarily balanced. MA20 is turning downward, exerting resistance on the price. Key resistance is at 4780–4800. Only a break above and stabilization above 4780, combined with a MACD golden cross and increasing volume, can confirm a stage rebound. The key support at 4700 is the dividing line between bulls and bears; if it is effectively broken downward, a new downtrend will begin, with targets around 4680–4650.

Gold trading strategy: Short at resistance around 4770–4780, stop loss at 4790, target 4740–4730.

If it falls below 4735, consider shorting further, stop loss at 4750, target 4700–4690.

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