4.16 Gold Bulls Show Weakness Again, Falling Below 4800 Today

4-hour chart shows that gold prices are currently consolidating at high levels. The resistance at 4850 has been tested three times, with obvious lack of upward momentum. Short-term profit-taking pressure has increased, and today’s weakness continues, with prices losing the 4830–4840 area where the 5-day and 10-day moving averages are located. The short-term bullish arrangement has been broken. However, the 20-day, 60-day, and 100-day moving averages still maintain a clear bullish order, with the 100-day moving average around $4,750 per ounce, indicating that the medium- to long-term upward trend remains unchanged. The MACD above the zero line shows the red bars shrinking continuously, indicating weakening bullish momentum and a risk of forming a death cross; RSI has fallen from overbought territory above 70 to around 60, easing some overbought pressure but still in a neutral to slightly strong zone, leaving room for a pullback; KDJ has a high-level death cross diverging downward, further confirming short-term correction signals.

On the 1-hour chart, gold is trading below the MA5 but above the MA10 and MA20, indicating weakening short-term bullish momentum. Although the MA20 provides dynamic support, the short-term moving averages continue to suppress the price, with upward resistance exceeding the absorption capacity. The KDJ rapidly drops from above 80 in the overbought zone, with a high-level death cross diverging downward; RSI has fallen from above 50 to the 40–50 range, favoring bears but not yet oversold, so downward momentum is not fully released. Resistance above is at the 4840–4850 range; only a firm break above 4850 can confirm the end of the correction. Short-term support is at 4780, tested multiple times yesterday without breaking; a valid break below 4780 would open the door to deeper correction. Trading strategy favors short positions on rallies.

Gold Trading Strategy: Short positions can be gradually added on rebounds to 4835–4845, with a stop loss at 4860. The first target is 4800; if broken, look toward 4780.

Disclaimer: The above content is for personal ideas and opinions sharing only and does not constitute trading advice.