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2026-04-08 14:04:09
[Technical Analysis: Gold is mildly bullish in the short term, but needs to break through the key resistance level of $4,920] 1. The 4-hour chart shows that gold prices are mildly bullish in the short term, having recovered the middle of the recent consolidation range. However, prices remain capped by the declining 200-period moving average (coinciding with the 61.8% Fibonacci retracement level), and the overall trend remains suppressed. 2. The MACD line has turned positive, and the histogram continues to expand, indicating that upward momentum is strengthening; the RSI is hovering in the middle of 60, maintaining a positive tone but not entering overbought territory, suggesting further upside potential. 3. Key resistance lies at $4,920 (coinciding with the 200-period moving average and the 61.8% retracement level). Caution is advised until a valid breakout occurs. After a breakout, the next target is the psychological level of $5,000, followed by the 78.6% retracement level at $5,141. 4. On the downside, near-term support is around $4760 (50% Fibonacci retracement level), and a break below this level could see a drop to $4605 (38.2% Fibonacci retracement level). Stronger support lies at $4411 (23.6% Fibonacci retracement level), and a break below this level would weaken the bullish bias.
