4.1 Morning Review: Gold Breaks New Highs Strongly, Expect a Pullback After a Sharp Rise

The 4-hour chart shows a clear bullish trend, with prices accelerating upward. The overall movement is strong, but indicators are approaching overbought territory. The moving average system is in a bullish alignment, with MA5, MA10, and MA20 diverging upward simultaneously. Prices are supported steadily by the moving averages, with the 5-day moving average forming an important short-term support. The MACD is above the zero line with a golden cross, and the red bars continue to expand, indicating that the bearish momentum is nearly exhausted. The market is dominated by bullish forces. The RSI has rebounded from low levels to near 70, entering the overbought zone, showing strong bullish momentum. However, there is some short-term profit-taking pressure, likely leading to a slight technical correction.

The 1-hour chart continues to show strong oscillating upward movement, with bulls in control. After a minor pullback, there is still potential for further upward momentum. MA5, MA10, and MA20 are in a bullish arrangement, with prices steadily rising along the moving averages. As long as the pullback does not break below the middle band of the Bollinger Bands, the bullish structure remains intact. The MACD remains high above the zero line with increasing red bars, and the two lines have not yet formed a death cross, indicating sustained bullish momentum. The RSI is oscillating at high levels without rapid decline, and the overall risk of a bearish divergence is manageable. The Bollinger Bands are opening upward, clearly showing a bullish market. Key resistance is at 4730, with support at 4640-4630. Overall, after a significant rise, a technical correction is expected. Today's trading strategy is mainly to sell high and buy low.

Gold Trading Strategy: Short around 4720–4730 with light positions if clear signs of stagnation appear, stop loss at 4740, target 4670–4650.

Buy on dips around 4650–4640 with a light position, stop loss at 4630, target 4690–4710.

Disclaimer: The above content is for personal ideas and opinions only and does not constitute trading advice.