April 23 Midday Gold Market Analysis


On an hourly basis, gold continues its weak downward trend, with limited rebound strength, gradually lowering its highs, and overall trading is bearish. The current price remains under pressure, with insufficient support below. If it cannot effectively hold steady at key levels, it is likely to continue testing previous lows downward.
Key support: 4694, 4668
Resistance above: 4750, 4760, strong resistance at 4770
Bull-bear dividing line: 4720
Trading reference
Pay attention to the validity of the 4700 support. If it stabilizes and forms a bottoming pattern, consider a small long position, targeting the 4730-4735 range;
If it directly breaks below the 4700 threshold, follow the trend and go short, targeting the 4670-4650 range.
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