Spot Gold: On April 24th, market news indicates that the international gold market is displaying a pattern of "slight pullback from highs, consolidating with wide fluctuations." Spot gold in London fell below the $4700 mark, with domestic gold T+D also retreating synchronously, entering a technical correction phase after four consecutive weeks of gains. The core market contradiction currently centers on the contest between delayed expectations for Federal Reserve rate cuts and safe-haven demand stemming from Middle East geopolitics. A strengthening US dollar and rebounding US Treasury yields are capping the upside for gold prices, while continued gold purchases by global central banks and geopolitical uncertainties provide underlying support. In the short term, gold prices are expected to remain volatile, though the foundation for a medium-to-long-term bull market remains intact.
From a technical perspective, on the daily chart, gold has experienced a pullback after reaching a recent high, with prices falling below short-term moving average support, shifting the trend from strong to weak-consolidation. The key support level below is near $4650; a break below this could lead to a further test of the $4600 area. Resistance above lies in the $4720-$4770 range. Momentum indicators show weakening bullish momentum but have not yet entered deeply oversold territory. On the 4-hour chart, the gold price is moving within a short-term descending channel with limited rebound strength. If it fails to reclaim ground above $4718, there remains a risk of further short-term decline. A break above the resistance zone could potentially restart the upward trend. This evening, key focuses are resistance near $4718/$4763 and support near $4648/$4611.
Evening Trading Suggestions for Gold: Volatility suggestion: Aggressive short entry on a rebound near $4718 ±3; conservative entry near $4766 ±3. Stop loss 15 USD each, target $4650, hold if broken!
WTI Crude Oil: Market news: During the Asian session on Friday, April 24th, US crude oil prices maintained high-level volatility. The tense situation in the Middle East persists, with US-Iran peace talks at a stalemate and no progress. Both sides continue to contest control over the Strait of Hormuz, diminishing market hopes for conflict de-escalation and increasing uncertainty regarding global energy supply, thereby supporting continued strength in international oil prices. The current oil market trend is highly tied to geopolitical developments, with close attention needed on risk evolution.
Technically, on the daily chart, renewed shadows over the Middle East situation and rising supply risks have pushed international oil prices back into a medium-term upward channel, with the bullish rationale significantly strengthened. In terms of momentum, the MACD indicator shows a downward divergence after the zero line, indicating signs of a technical correction from short-term overbought conditions. On the 4-hour chart, the short-term moving average system effectively supports the upward movement of oil prices, and the short-term objective trend direction remains upward, though adjustments in bull-bear rhythm should be noted during the move. The oil market overall is in a high-level consolidation structure, with caution warranted against increased volatility risks in the short term. This evening, key focuses are resistance above at $100-$102.0 and support below at $96.0/$94.0.
Evening Trading Suggestions for Crude Oil: Personal suggestion: Aggressive long entry on a pullback near $96.0 ±3; conservative wait for a dip near $94.0 ±3 for long entry. Stop loss 1.0 point, target $100.0, hold if broken!
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