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April 17, 2026, Spot Gold Midday Analysis
Hello everyone, good noon!
Spot gold is trading within a narrow range of 4794-4800, with a slight pullback after an early rally, currently around 4793, with bulls and bears in stalemate, and overall momentum is weak.
The daily chart shows consecutive long upper shadows, indicating that bullish momentum is clearly weakening; the 4-hour Bollinger Bands are narrowing, MACD red bars are shrinking continuously, RSI has fallen from overbought territory, and a converging triangle pattern is forming at high levels, suggesting a sideways correction with a bias toward bearish consolidation, awaiting a key breakout.
Above, the 4810-4835 zone is a strong resistance area; below, 4770-4750 is an important support zone.
The current market is mainly characterized by weak oscillation.
For trading, it is recommended to short near the 4810-4835 resistance zone on rebounds, with targets sequentially around 4780 and 4750.
The above is only personal advice for reference and does not constitute investment advice.
Please follow Cheng Jingsheng's layout for specific strategies! $XAU #XAU