April 6, 2026, 13:36 (Monday), gold shows a pattern of bottoming out and rebounding, with a weak rally. Short-term bears dominate, but after an oversold condition, technical correction is needed.

II. Core logic of today's trend
1. Main reasons for the sharp decline in the morning (bearish)
Better-than-expected non-farm data: The non-farm employment change for March (178k) released last Friday far exceeded expectations, completely dispelling the June rate cut anticipation.
Dollar and U.S. Treasury yields soar: The dollar index stabilizes above 105, and the 10-year U.S. Treasury yield rises to 4.39%, significantly increasing the cost of holding gold.
Technical breakdown + profit-taking: Gold price breaks below the key support at 4700, triggering a large number of stop-loss orders, with previous profit-taking concentrated in selling.
2. Reasons for the rebound in the afternoon (support)
Technical oversold correction: The sharp decline in the morning touched 4599.70 (near the 4600 integer level), RSI entered oversold territory, prompting short-term buying.
Central bank gold purchases as support: Global central banks (especially China) continue to increase holdings, providing downside support for gold prices.
III. Technical analysis (short-term)
Daily chart: Last Friday closed with a large bearish candle; today’s candle is a doji-like star, indicating a stabilization after a sharp decline, but the medium-term downtrend remains unchanged.
4-hour chart:
Moving averages: 5/10/20-day moving averages are in a bearish alignment, with 4660 USD as immediate resistance.
Bollinger Bands: Price is near the lower band, with the band opening downward, showing clear weakness.
Key levels (intraday)
Resistance: 4660 ~ 4680 USD
Support: 4599 ~ 4600 (today’s low); 4550 ~ 4560 (strong support)
IV. Market outlook and trading suggestions (for reference only)
Short-term (1-3 days)
Trend: Volatile and weak. The rebound potential is limited, with strong resistance around 4680.
Strategy: Focus on shorting during rebounds.
Entry: Short in the 4655-4660 range
Stop-loss: Above 4680
Target: 4610 ~ 4599
Medium to long-term
Bullish logic (central bank gold purchases, de-dollarization) remains unchanged, but wait for rate cut expectations to restart.
If support at 4550 is broken, further decline towards 4500 may occur.