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4.17 Gold Market Outlook
Gold weakened overnight, breaking below the expected support level of 4787, then rebounded back into that area by the close, ending at 4790.6. This morning, it declined again, touching the 1-hour moving average near 4766, with the current rebound approaching the 20-period moving average. If trading volume supports, there is potential for an upward test, with the previous area of 4807 as a key resistance.
On the 4-hour chart, related indicators are somewhat weak, with prices being suppressed by short-term moving averages, indicating a short-term bearish trend; however, some indicators are converging at low levels, limiting the scope for a deeper correction. Support is near 4760 at the lower boundary, with stronger support at 4747.
Key Levels
Resistance: 4807, 4830
Support: 4760, 4747
Trading Strategy
Avoid blindly following short-term moves; look for buying opportunities on dips to the 4760–4747 range. If the rebound lacks strength, watch for resistance near 4807.