4.13 Brother Liang's Gold Morning Review

Last week, gold generally showed a retreat from high levels, and over the weekend, no effective positive news was released, leading to a direct gap down at the opening today. After breaking below the key support, the bears regained dominance, and the weakening signal in the market became clear.

Fundamentally, there has been no substantial progress in the US-Iran negotiations, and market uncertainty remains; meanwhile, the slightly bullish outlook for the crude oil market has exerted some pressure on gold to rise. Currently, gold prices are mainly driven by expectations of monetary policy and capital flows, with safe-haven buying support gradually weakening.

Technically, after a gap down at the opening, the price moved below the key support level, with short-term moving averages forming resistance above, and the highs continuously declining. The market shifted from consolidation to a weak downward trend. Until gold can re-establish above the critical resistance zone, short-term rebounds are only corrective moves and should not be overly bullish.

In terms of trading, consider short positions around 4720-4736, with targets near 4680-4650.