4.20 Jianxi Gold Morning Brief

Hello everyone, happy Monday. Come take a look at today’s gold market!

Last week, gold overall moved higher first and then lower. On Monday, it started around 4644 and gradually moved up, rising all the way to a stage high of 4891. However, by the weekend, as many people took profits and exited, the gold price pulled back somewhat, and it ultimately closed around 4834. You can see that there is some selling pressure at higher levels, but the overall upward trend hasn’t been completely broken yet.

On the news front, bulls and bears have been wrestling with each other. The US-Iran situation has been coming and going repeatedly; the Strait of Hormuz opens and closes from time to time, and the situation remains highly unstable. This also provides safe-haven support for gold, preventing the gold price from falling too deeply. But on the other side, the U.S. Dollar Index has temporarily held steady, and in addition, market expectations for monetary policy changes across major economies have shifted—adding significant pressure on gold’s rise.

Looking at the technical side, the 4-hour Bollinger Bands have gradually flattened out. Right now, the gold price is testing 4817, this key support at the middle band. In the short term, the market has entered a period of consolidation and adjustment. The next thing to watch is whether it can hold steady around the middle band—this directly determines how the gold price will move later.

Trading ideas:
If the gold price retraces back to the 4760-4735 range, you can go long. If it doesn’t pull back and instead rises directly, then you can enter a long position around 4785. Initial targets to watch first are 4800 and 4830; afterwards, it can still continue to move higher. $XAUT #黄金