Gold Latest Market Trend Analysis: On April 28, gold market analysis: On Tuesday during the early Asian session, spot gold was trading near $4,690 per ounce. Gold prices experienced a slight decline on Monday, primarily due to stalled diplomatic progress in ending the US-Israel conflict with Iran, which heightened inflation concerns. The market is also focused on this week's Federal Reserve and other major central bank meetings to assess the economic impact of the conflict. Gold fell 0.6% on Monday to $4,682.13 per ounce, while June gold futures closed down 1% at $4,693.70 per ounce. The main factors were stalled diplomatic efforts to end the conflict, which kept oil prices elevated and intensified inflation worries. Although a former US official cancelled a diplomatic visit and suggested Iran could initiate contact if it desired talks, a Pakistani mediation source indicated that efforts to bridge US-Iran differences have not ceased. The Strait of Hormuz remains largely closed.
Gold Technical Analysis: Gold showed a pattern of rallying then retreating overall on Monday. It opened lower in the early session but rose to a high of $4,729 before pulling back to a low of $4,667 in the evening. The overall trend for gold remains weak. Rising oil prices have clearly increased inflationary pressures. In a high-interest-rate environment, the carrying cost for non-yielding assets like gold rises, leading to periodic dampening of its appeal. Simultaneously, a slightly weaker US dollar has reduced the purchasing cost for holders of other currencies, partially offsetting selling pressure. The Fed is expected to keep rates steady, but the wording regarding the inflation path in its policy statement will be crucial. If the statement emphasizes concerns about energy prices, expectations for subsequent rate hikes or delayed cuts could increase, directly impacting gold's valuation range. From a chart perspective, on the 4-hour timeframe, short-term moving averages remain flat and intertwined. The price has broken below the moving average support and is currently confined between $4,600 and $4,850. However, the price center of gravity is gradually shifting lower, indicating overall weak momentum. Resistance above is monitored at $4,760; if this level holds, gold prices may continue to test lower supports. Key support below is at the $4,600 level, with a break lower suggesting further downside. Overall, the short-term trading strategy for gold today recommends primarily selling on rallies, with buying on dips as a secondary approach. Immediate resistance above is focused in the $4,740-$4,770 range, while immediate support lies between $4,660 and $4,630.
Crude Oil Latest Market Trend Analysis: Crude Oil Market Analysis: On Tuesday (Beijing Time, April 28) during the early Asian session, US crude oil was trading around $96.65 per barrel. Oil prices hit a two-week high on Monday as stalled US-Iran negotiations and continued restrictions on oil transit through the Strait of Hormuz led to global supply tightness. Oil prices rose about 3% on Monday, reaching a two-week peak: Brent crude futures closed up 2.8% at $108.23 per barrel, marking the sixth consecutive session of gains (the first such streak since March 2025). US crude futures settled 2.1% higher at $96.37 per barrel, mainly due to the deadlock in US-Iran talks and ongoing limitations on Hormuz Strait shipments causing global supply constraints.
Crude Oil Technical Analysis: From a daily chart perspective, oil prices have moved below the moving average system, indicating the medium-term objective trend is entering a transition phase. The price action shows alternating primary trends, with the current subjective trend direction being downward. In terms of momentum, the MACD indicator is opening downward above the zero line, suggesting bearish momentum is gradually strengthening. The medium-term trend is expected to follow a pattern of corrective decline from high levels. On a short-term (1-hour) basis, oil prices are repeatedly crossing the moving averages, indicating a consolidating short-term objective trend. In the early session, prices rebounded upward from $92.70. Momentum-wise, the MACD indicator is poised to cross above the zero line with a golden cross, signaling weakening bearish momentum. Intraday, crude oil is expected to maintain a high-level range-bound consolidation, with fluctuations anticipated between $98.40 and $92.40. Overall, the trading strategy for crude oil today suggests primarily selling on rallies, supplemented by buying on dips. Immediate resistance above is watched in the $100.0-$103.0 range, while immediate support below is seen between $93.5 and $90.0.
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