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

Deep News
Apr 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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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