Gold market analysis

Gold Price of $4810 Becomes Short term Strong Support "Completed on 16/4/2026 11:01
The gold price fell repeatedly after reaching a high of $4871.51 in the early session of the Asian market yesterday, and reached a low of $4786.62 before the European afternoon market. It also fell to the level of $4787 before the London market closed and at the end of the New York market. This morning, it started a rebound wave, with a temporary high of $4837.72. From this, it can be inferred that $4787 has become an important short-term support, but on the other hand, the double peak pattern of gold prices on the hourly chart is still valid, with $4871.51 being an important resistance.

Today, the gold price rebounded and retraced the hourly charts of 50SMA (now around 4805) and 20SMA (now around 4810). If the gold price continues to fluctuate above 20SMA, there is still a chance to challenge the double top resistance of $4871.51 during the day. Currently, I still maintain the view that the gold price will hit the top and fall back this Friday, or the downward trend may continue until early next week. In the coming days, the second round of negotiations between the United States and Iran will inevitably affect the performance of gold prices (and oil prices), and based on the current situation, the dominant power is in the hands of the United States, so it is expected that there is a high possibility of reaching an agreement.

However, does this mean that the inverse relationship between falling oil prices and rising gold prices will continue? If oil prices fall back below $70 in early March, gold prices should rise to $5419 in early March. Technically, the current gold price is fluctuating between the daily chart of 20SMA (currently around 4643) and 50SMA (currently around 4896), with 50SMA still being an important resistance in the medium to long term. Only by re stabilizing above this line can the gold price challenge the $5000 mark, or even $5419. In the short term, the gold price seems to have stabilized at the Gann 45 degree angle of $4810, and $4860 can be seen as the next resistance, so the possibility of the gold price challenging yesterday's high gradually increases during the day.

The above content is for reference only and does not constitute investment advice.