$XAU Yichen: Risk aversion tide receding + US stocks celebrating! Gold bulls are losing momentum, and the 4700 level becomes the last line of defense!

On the news front, the US and Iran have reached a ceasefire agreement, Middle Eastern geopolitical risk has cooled significantly, market risk-averse sentiment has quickly eased, and safe-haven buying support for gold has been notably weakened. At the same time, the People’s Bank of China has increased its gold holdings for the 17th consecutive month; the long-term fundamentals still have support, but in the short term it’s difficult to offset the impact of easing safe-haven demand. In addition, US stocks like the Dow Jones and the S&P 500 have surged sharply, with capital flowing back into risk assets, further suppressing gold’s upside potential.

From a technical perspective, on the four-hour timeframe the Bollinger Bands are tightening, and price is trading near the middle band. The KDJ indicator has formed a bearish cross and is pointing downward; short-term downside momentum is dominant, and pullback pressure has not been fully cleared. The key resistance level above is in the 4733-4765 range, while support to watch is at 4698 and the 4700 integer level.

Recommendations:
Sell on rallies around 4735-4755 in batches; targets: 4650, 4600

Disclaimer: The above analysis is for reference only and does not constitute investment advice. Trading carries risks—proceed at your own risk.
#黄金白银走高