Gold prices surged; how should investors position themselves for future movements? On April 8, the gold market displayed a classic "dip-buying" pattern. After a brief, rapid pullback, prices found strong buying support at a key level, initiating a powerful rebound. The overall trend was stable, characterized by an initial decline followed by a strong recovery, highlighting gold's resilience and upward potential within the current range. Currently, after testing support near 4600, London gold has stabilized and rebounded quickly.
From a technical perspective, on the daily chart, gold found support at the critical $4600 level and rebounded, forming a long lower shadow. The RSI has turned upward from oversold territory, while the MACD's green bars are shrinking, showing signs of a potential golden cross. Bearish momentum is weakening as bulls accumulate strength, indicating a budding short-term uptrend supported by the moving average system. On the 4-hour chart, the MACD has formed a golden cross below the zero line with expanding red bars, and the RSI has moved into a neutral-to-strong range, exiting oversold conditions. The lower Bollinger Band is flattening, the middle band is turning upward, and the price is holding above the middle band. Moving averages are gradually forming a bullish alignment, supporting a steady release of upward momentum. On the 1-hour chart, the MACD is operating with a golden cross near the zero line; red bars contracted slightly before expanding again. The RSI has retreated to a neutral zone, easing overbought pressure. The Bollinger Bands are opening upward, and gold is oscillating higher along short-term moving averages, with successively higher lows confirming a intact short-term rebound structure. Multi-timeframe analysis supports the continuation of the uptrend, with a focus on breaking key resistance levels above.
Support and Resistance Levels Key support is at 4600, where strong buying interest emerged during yesterday's low. Secondary support is at $4720, which may serve as a buffer during pullbacks and aligns with the morning session's low. Immediate resistance is near the morning high of $4860. A break above this level could target the stronger resistance at $4915, where significant selling pressure exists. Avoid chasing the rally aggressively until resistance is clearly broken.
In summary, for short-term trading, consider buying on dips near $4770, with a stop loss at $4750, targeting the $4830-4850 range.
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