4.8 Mu Xin Gold Morning Review

After the gold opened higher in the early session, it maintained a slightly strong sideways-to-range fluctuation. After pushing up into the high zone, the upward momentum gradually weakened; it fell back under pressure. The sell pressure above is clear, and the bulls lack follow-through.

On the news front, driven by related strong statements and the Middle East situation, safe-haven sentiment briefly boosted gold prices. In addition, amid concerns about the navigation of key shipping lanes, the demand for risk-averse positioning increased in stages. However, the sustainability of price action driven by such news is weak. Once market sentiment cools off, gold is prone to pull back. At high levels, remember: do not chase longs.

From a technical perspective, gold is still trading in a high-level range-bound trend. The overhead pressure area is concentrated, and rebound room is clearly limited. Multiple attempts in the short cycle to rally high failed to effectively hold above; bullish strength is relatively weak. For intraday trading, the priority is to consider the rebound-and-short approach.

Resistance reference: Strong resistance to watch around 4850
Trading approach: Build short positions in batches in the 4850-4880 range; for the downside targets, first look at 4780-4760. If gold retraces to 4780 support without breaking it, you can switch to a low-buy reversal. $XAUT