Spot gold extended its intraday rebound during the Asian trading session on Tuesday, with the price currently hovering around $4768 per ounce. Valeria Bednarik, Chief Analyst at FXStreet, provided a technical analysis of gold's prospects.

Bednarik noted that gold prices dipped towards $4632 per ounce early on Monday but found buying support during the pullback, subsequently recovering the entire $100 decline. She indicated that gold exhibits a neutral short-term bias and needs to reclaim the $4800 per ounce level.

On Monday, spot gold staged a significant rebound from its daily low, closing only slightly lower. Optimism surrounding peace negotiations between the US and Iran stimulated a notable reduction in gold's losses. The price had initially plunged to $4635.11 per ounce in early Asian trading, its lowest level since April 7. However, comments from former US President Donald Trump caused the US dollar to turn lower, supporting a sustained and sharp rally in gold.

Trump stated on Monday that Vice President Vance had performed excellently in handling the Iran issue and had received a call from Iran, with the Iranian side being "eager" to reach an agreement. By Monday's close, spot gold was priced at $4739.84 per ounce, paring its intraday loss to just 0.18%.

**Technical Analysis of Gold**

On the 4-hour chart, gold shows a neutral trend. The price has broken above the 20-period Simple Moving Average (SMA) around $4739.71 but remains below the longer-term 200-period SMA near $4858.70. Bednarik pointed out that gold continues to receive underlying trend support from the 100-period SMA around $4605.65. The Momentum indicator is edging slightly lower near its midline, while the Relative Strength Index (RSI) hovering around 50 suggests the current upward attempts lack solid momentum.

On the daily chart, gold maintains a positive short-term bias. Spot gold is firmly positioned above several key moving averages—including the rising 20-day SMA near $4658, the 100-day SMA around $4687, and the 200-day SMA near $4186—which collectively reinforce the overall upward trend structure. Market momentum is improving, with the 14-day Momentum indicator having entered positive territory. However, the RSI is currently fluctuating below the 50 level, indicating that after the recent rebound from lows, buying pressure appears steady rather than overheated.

Bednarik stated that on the upside, gold needs to recapture the $4800 per ounce level. If the advance continues, the 200-period SMA at $4858.70 would present further resistance. On the downside, immediate support lies near the 20-day SMA around $4658, followed by the shorter-term 100-period SMA near $4605.65.

As of 12:09 Beijing Time, spot gold was trading at $4768.04 per ounce.