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2026-04-07 13:46:57
[Technical Analysis: Gold Under Pressure Below the 200-Period Moving Average on the H4 Chart, Short-Term Bias is Mildly Bearish] 1. The 4-hour chart shows that spot gold remains below the downward-sloping 200-period simple moving average, indicating a mildly bearish short-term trend. The MACD histogram remains in negative territory, with the fast line below the slow line, suggesting continued downward pressure but weak momentum. The RSI hovers around 49, indicating neutral momentum, consistent with the consolidation pattern within the overall downward trend. 2. On the upside, initial resistance is located near the 38.2% Fibonacci retracement level of the March decline, around $4604. A sustained break above this level could lead to a further test of the 50% retracement level at $4760. However, as long as the price remains below this resistance level and the 200-period moving average at $4912, any rebound is likely to encounter selling pressure. 3. On the downside, initial support is located near the recent trading range around $4600. If this support level is broken, it is expected to expose the 23.6% Fibonacci retracement level around 4410. At that point, bargain hunting may occur, attempting to provide support and stabilize the price of gold.
