On Tuesday, April 14, the latest spot price for London gold was $4761.88 per ounce. It opened at $4757.32, reached a high of $4776.29, and touched a low of $4750.99. The overall trading range was contained, with bulls maintaining clear control of the market.
Fundamental factors are providing core support for gold prices. The breakdown of US-Iran negotiations and Iran's renewed blockade of the Strait of Hormuz have sharply escalated geopolitical tensions in the Middle East, driving safe-haven capital into the gold market. Concurrently, with a ceasefire agreement approaching its expiration, persistent market concerns about escalating conflict are limiting the downside for gold. The US March PPI data, scheduled for release later in the day, will be closely watched. A figure lower than expected would reinforce expectations for interest rate cuts, benefiting gold prices. Conversely, a higher-than-expected reading could pressure gold, although underlying geopolitical safe-haven demand may provide a floor. Additionally, several Federal Reserve voting members are scheduled to speak today, which will further shape interest rate expectations ahead of the FOMC meeting and influence gold's direction.
From a technical perspective on the daily chart, gold remains within a medium-term uptrend. The previous trading session concluded with a bullish candlestick featuring a long lower shadow, firmly establishing support below and forming a classic reversal pattern after testing lows. This action successfully filled the morning gap, confirming dominant bullish momentum. The price is currently firmly above the 5-day, 10-day, and 20-day moving averages, with the entire moving average system arranged in a bullish sequence. All key moving averages are curving upward, creating layered support, with near-term support now elevated to around $4745. The MACD indicator shows its fast and slow lines in a bullish crossover above the zero line, with the red histogram expanding consistently, indicating steady bullish momentum. The KDJ indicator is trending upward in the mid-to-high range without clear overbought or bearish crossover signals. The RSI remains in a strong territory, and the Bollinger Bands are expanding upward, with the price trading above the middle band and approaching the upper band. The overall trend is unilaterally bullish, with only potential for minor technical pullbacks and no substantive signals of a bearish reversal.
On the 4-hour chart, gold is exhibiting a standard ascending channel pattern. Successively higher lows and gradually breached highs outline a clear wave-based uptrend. Each retest of the channel's lower boundary has been met with strong buying support and a swift rebound, characteristic of a robust bullish structure. The moving averages are fanned out in a bullish formation, with the MA5, MA10, and MA20 all trending upward, acting as strong support during pullbacks. The middle band of the Bollinger Bands continues to rise, solidly underpinning the price action. The MACD maintains its golden crossover above the zero line with steady histogram volume, showing no bearish divergence and indicating a healthy advance. After a period of consolidation in the mid-to-high range, the KDJ indicator is turning upward again, suggesting bulls may be preparing for another push higher post-adjustment. The RSI is holding firmly above 50 in strong territory, not yet reaching extreme overbought levels, which leaves room for further upward movement. Short-term focus should be on potential breakouts above the channel's resistance or below its support.
On the hourly chart, gold maintains a rhythm of oscillating upward movements. The price is using sideways consolidation instead of deep retracements, a typical behavior in strong trends. It has repeatedly tested key support levels and quickly rebounded to recover losses, demonstrating potent underlying buying interest. The short-term MA5 and MA10 are converging and pointing upward, providing immediate support concentrated in the $4758-$4762 range. The MACD indicator is in a bullish crossover with its red histogram showing mild expansion, indicating retained short-term bullish momentum. The KDJ indicator shows slight钝化at high levels, hinting at a need for a minor consolidation or pullback, but this is unlikely to alter the overall bullish trend. Monitoring for stability around support levels will present opportunities for short-term entries.
Specific trading strategy suggests considering分批light long positions if the price stabilizes within the $4750-$4755 range upon a pullback, with a strict stop loss placed below $4740. Initial targets are set between $4776 and $4780, with a further extension toward $4785-$4790 upon a breakout. Alternatively, if the price rallies to the $4780-$4785 range and shows signs of rejection, a light short position could be considered for a brief trade, with a stop loss above $4790 and targets looking back toward the $4760-$4755 range. Short positions should be considered strictly for short-term operations.
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