Morning Gold Market Analysis#Gate广场四月发帖挑战

After a deep V-shaped rebound yesterday, the market entered a high-level narrow range with slight declines, with both bulls and bears hesitant to act, resulting in reduced volatility.

From a technical perspective, the four-hour Bollinger Bands are opening upward, with the gold price holding above the middle band and testing the upper band resistance. The KDJ indicator has formed a golden cross and continues to diverge, with the J value entering the overbought zone. The short-term bullish trend is clear, but caution is needed for a potential pullback and correction after overbought conditions. The previous resistance at the 4700 level has been successfully broken, turning into a strong support, opening space for further upward movement.

A pullback to the 4700-4750 range is supported, with a defense at 4680, targeting 4780 and 4800. Breakouts continue to look higher.

The Fed's rate cut expectations are heating up, with markets betting on rate cuts between June and September. The weakening of U.S. Treasury yields and the dollar is positive for gold prices. Tensions in the Middle East are boosting safe-haven sentiment, combined with ongoing global central bank gold purchases, jointly supporting a stronger gold market. $XAUT