4.20 The Strait of Hormuz sees heavy closures again, so it is inevitable that gold continues to open with a gap down and drift lower.

From the daily chart, the 5, 10, and 20-day moving averages are still in a bullish alignment, and the medium-term trend remains a bullish pattern. However, the gold price is being suppressed by strong resistance in the 4870-4890 range; multiple attempts to push higher have not managed to break through effectively, indicating that the upward momentum from the bulls has clearly weakened.

On the 4-hour timeframe, the Bollinger Bands are tightening. Price is trading around the vicinity of the middle band. The MACD red bars are gradually shortening, and the RSI is in a neutral-to-slightly-bearish range, making the short-term sideways oscillation pattern quite evident. Pay special attention to the breakout direction of the upper Bollinger Band at 4850-4840 and the lower band at 4760-4750: if there is a volume-supported breakout above the upper band, the bulls will likely restart the rally; if it effectively falls below the lower band, a phase of pullback could begin.

On the 1-hour chart, the moving averages have a death cross downward. The candlesticks are continuously closing bearish and forming a bullish engulfing pattern; the short-term trading focus is gradually shifting downward, and there is a possibility of further downside probing. For short-term levels, watch resistance at 4850 above, and support at 4800 below. Judging from the news, if the Strait of Hormuz closes and the situation continues to escalate, gold on Monday will inevitably continue to open lower with a gap down.

Gold trading strategy:

1. Rebound to 4840-4850, enter short positions in batches. Stop loss: 4860. Target: 4800

If it breaks below the 4800-4790 range, continue to chase the short; stop loss: 4810. Target: 4760

2. If gold opens with a direct one-way plunge and drops for a wave, then watch for support at 4760-4750 to stabilize before going long; stop loss: 4740. Target: 4800

Disclaimer: The above content is for personal ideas and opinions sharing only and does not constitute trading advice.