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2026-04-09 14:18:28
[Technical Analysis: Gold's Bearish Tone Continues; a Break Below $4700 Could Accelerate the Decline] 1. The 4-hour chart shows that spot gold remains below the 200-period simple moving average and has failed to break through the 50% Fibonacci retracement level of the March decline, indicating that the bearish bias remains intact. The MACD has slipped into negative territory, and the RSI is hovering around the neutral level of 52, suggesting that bullish momentum is weakening. A decisive break below the $4700 level could accelerate the decline in gold prices. 2. Initial support is located near the 38.2% Fibonacci retracement level (approximately $4604), with further support at the 23.6% retracement level (approximately $4411) and the previous swing low area (near $4100), where buying interest is expected to increase. 3. On the upside, initial resistance is around 4732, with further resistance at the 50% Fibonacci retracement level of $4760; stronger resistance lies in the $4897-$4915 range (the area where the 200-period moving average coincides with the 61.8% retracement level); even higher resistance points to the psychological level of $5000.
