4.6 Evening Gold Trading Strategy: Bulls Have Not Broken Yet, Be Cautious About Chasing Highs, Focus on Shorting the Rebound

On the evening of April 6, gold prices are influenced by multiple factors: tense Middle East geopolitical situation, a weakening US dollar, and expectations of economic slowdown support the bullish outlook. The short-term bullish pattern has not been broken. However, technical indicators show short-term pressure, with the 15-minute candlestick touching the upper band resistance level. The risk of chasing highs is greatly increased, so trading should be cautious and disciplined.
On the larger timeframe, expectations of Fed rate cuts and the logic of global central banks buying gold still support upward movement, but in the short term, blindly chasing longs is not advisable. The key levels for tonight are clear: resistance at 4710 and 4730, with strong upward moves targeting 4740 and 4760; support levels are closely watched at 4689 and 4690, with key support at 4650 and 4600 below.
Tonight’s trading should mainly focus on shorting the rebound: initiate light short positions around 4690-4710, add to shorts if prices rise to 4730 and 4760, with strict stop-losses. The initial target is 4650, with a break below targeting below 4600. If gold dips near 4680-4670, consider adding shorts accordingly.
Risk reminder: Short-term bullish momentum has not fully dissipated, and geopolitical uncertainties remain. Be sure to set stop-losses, avoid blindly chasing highs, and wait for price pressure before entering the market. $XAUUSD #