On April 27th, the international spot gold price opened lower and weakened once more. This movement was driven by stalled US-Iran peace talks over the weekend and persistently limited oil shipments passing through the Strait of Hormuz. These factors continue to tighten global oil supplies, fueling inflation concerns. The heightened inflation outlook has reduced expectations for interest rate cuts by the Federal Reserve, thereby putting downward pressure on gold prices.
From a technical perspective on the daily chart, the gold price remains below both its 60-day and 100-day moving averages. This indicates increased bearish momentum and suggests a potential for further short-term declines towards the support level of the 144-day moving average (currently around $4,550). There is also a risk of a retest of the 200-day moving average support (currently near $4,260). On the upside, resistance is seen at the 100-day moving average pressure point, with a key resistance level at the 60-day moving average. A successful break above these levels could pave the way for a test of the $5,000 mark and strengthen expectations for a renewed record high.
Until such a breakout occurs, the market is expected to oscillate with a weak bias, awaiting a pullback to its target support levels. Specific entry and exit points for trading should be based on real-time positioning guidance.
Intraday preliminary trading level ideas for reference; specific entry and exit points are subject to real-time account notifications: - Consider short positions on a gold rebound to the 4735-4745 range, with a stop-loss at 4750, targeting 4670-4675. Hold if the price breaks below this target. - Consider long positions on a gold pullback to the 4665-4655 range, with a stop-loss at 4650, targeting 4680-4700. Monitor the rebound for potential profit-taking.
Comments