On April 16, the current movement in gold reflects a fierce battle between safe-haven demand and interest rate expectations. While geopolitical risks in the Middle East provide underlying support, inflation concerns fueled by rising oil prices are strengthening market expectations that the Federal Reserve will maintain high interest rates, which is capping the upward momentum for gold. From a technical perspective, the daily chart shows K-lines oscillating with a slight bullish bias along the short-term moving averages. The pullback in the previous trading session completed a technical pattern repair, and attention is now on whether a secondary rally will materialize. On the 4-hour chart, the price has consolidated into a narrow range between 4800 and 4840, with short-term moving averages converging and flattening, indicating the market is awaiting a directional breakout. Overall, a break above or below this tight range is needed to clarify the next short-term trend for gold prices. Investors should closely monitor evolving geopolitical situations, oil price movements, and US economic data for potential impacts on market sentiment.
Evening gold trading suggestion: Long at the current price of 4805-4800, stop loss at 4790, target 4840-50.
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