Chen Junqi: Gold continues to fluctuate sideways

MaticHoleFiller · 2026-04-07T06:20:55+00:00

The article analyzes the recent trend of the gold market, indicating a consolidation range between $4600 and $4700. Gold rebounded from the $4600 support level, reaching a high of $4705, but then retreated. The author recommends investors to be patient and wait for trading opportunities, closely monitoring support and resistance levels to execute buy low, sell high strategies.

MaticHoleFiller

2026-04-07 06:20:55

Abstract generation in progress

April 7, After the gold hit its low last week before last and closed with an extremely long lower shadow hammer candlestick, gold traded in a choppy recovery last week. It saw a plunge at $4,800, and the weekly candle closed as a medium bullish candle with both upper and lower shadows. Yesterday, Monday, gold opened and digested the downside news from last Friday’s Non-Farm Payrolls data. It dropped as soon as it opened to 4,600, but it didn’t keep falling. Instead, as we mentioned, it held the 4,580 support level and consolidated before rebounding, with the high rising to around 4,705. It pierced 4,700 but failed to hold above it, then slipped back down under pressure. Overall, it still hasn’t escaped the range-bound “swinging” pattern. At present, it’s consolidating around 4,640, sitting in a neutral position. For now, the outlook suggests the market will keep getting churned, but in the short term, it’s possible at any time that this condition could be broken.

Above resistance at 4,700 and 4,800: yesterday’s rebound to 4,705 pulled back. Below support at 4,600/4,580. Today, Tuesday, it’s still a sweeping market: the range is 4,705–4,580. Be patient and wait for a trading opportunity. At key levels, take profits on the high and buy on the low. That’s about it—closely monitor support and resistance. Once you get a clear pattern after price approaches, you can enter. Put a stop loss on and don’t fight the single. After a break, then adjust the strategy.

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