Liu Zhixin: Spot Gold Eyes Resistance at 4920 from 60-Day Moving Average, Buy on Dips After Rally

Deep News
04/15

On April 15, international spot gold started with narrow-range trading, approaching last week's highs, which prompted some profit-taking. However, as the US dollar index fell below its 200-day moving average, bearish momentum prevailed. Additionally, crude oil continued to trade below its middle and short-term moving averages, indicating weakness, which is expected to support gold prices. Therefore, if profit-taking leads to a pullback in gold during the day, support levels such as the 5-day and 100-day moving averages should be monitored, presenting opportunities to buy on dips for potential gains.

From a daily chart perspective, gold extended its rebound momentum from Monday, strengthening further. It has now reclaimed the short-term 5-day and 10-day moving averages and breached the resistance of the 30-day moving average. These levels have now turned into supportive zones for further upside. The next key resistance target is the 60-day moving average at 4920 dollars. A break above this level could pave the way for a test of the 5100 dollar mark. Conversely, failure to surpass this resistance may lead to a pullback.

However, if a pullback occurs, support near the 100-day and 144-day moving averages will offer another chance to enter long positions. The strategy laid out yesterday midday, involving分批空单 (batch short positions) around 4790-4800, saw prices directly pressured downward, with gold hitting a low of 4767, perfectly validating the high-altitude sell logic. The technical setup is clear and decisive—following the rhythm yields steady profits.

For specific real-time trading guidance during the day, refer to live account information. Preliminary intraday trading level ideas are provided for reference; exact entry and exit points will be confirmed based on real-time account notifications.

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