On April 24, international spot gold continued to trade with a weak bias at the open. Selling pressure stemming from technical resistance, coupled with a bullish outlook for crude oil and the US Dollar Index as they rebounded consecutively to move above their short-term moving averages and mid-Bollinger Bands, has capped upside momentum for gold, leading to a pullback. During the day, market participants will focus on data releases including the final reading of the University of Michigan Consumer Sentiment Index for April and the final reading of the one-year inflation expectations for April in the United States. Market expectations lean towards a bearish impact. Combined with technical resistance, the intraday strategy for gold favors taking short positions.
Yesterday, a long position was entered early at 4706 and profits were taken near 4738, capturing an instant profit of 30 USD. From a daily chart perspective, the gold price is currently trading below the 60-day moving average and has also fallen below the 100-day moving average and the mid-Bollinger Band, indicating increased bearish momentum. This suggests a potential for further short-term declines towards the support level of the 144-day moving average (currently around 4550 USD), and even a risk of retesting the support of the 200-day moving average (currently around 4260 USD). On the upside, resistance is observed at the 100-day moving average, followed by the 60-day moving average. A breakout above these levels could potentially lead to a test of the 5000 USD mark, increasing expectations for a renewed record high. Until then, the market is expected to oscillate with a weak bias, awaiting a pullback towards the target support levels.
Intraday, specific real-time trading guidance should be followed based on live account information. Preliminary intraday trading level ideas are for reference only; specific entry and exit points will be confirmed based on real-time account notifications.
Comments