Gold market analysis

"Gold Prices Remain in Short-Term Volatile Range" 30/4/2026 10:19 Completed

Yesterday, oil prices remained in a high-range fluctuation. Although supported by geopolitical risks, the news of the UAE's withdrawal from OPEC+ brought some profit-taking pressure. However, market concerns over crude oil supply still pushed oil prices upward. New York crude oil rose to $111 yesterday and further climbed to $111.27 this morning before encountering some selling pressure. For oil prices to experience a significant decline, the United States and Iran must reach a nuclear agreement to ease their tense relations. At that time, the market will refocus on the influence of oil-producing countries and the global economic performance, and judge the oil price trend based on the fundamentals. 

Spot gold prices have continued to fall after breaking below the 20-day simple moving average on the daily chart (currently around 4,717.5). Yesterday, the Federal Reserve, with a 8-4 vote, decided to keep the benchmark interest rate at 3.5% to 3.75%. On the one hand, the Fed believes that the U.S. economy is expanding steadily, but job growth has slowed. Inflationary pressures have risen due to higher energy prices, and the committee remains cautious about progress towards the 2% long-term inflation target. Additionally, the authorities note that economic outlook uncertainty has significantly increased, with the main risk factors being the conflict in the Middle East and supply chain disruptions. 

Yesterday, the spot gold price once dropped to as low as $4,510.31, but then gradually regained lost ground. This morning, the temporary high was $4,582.56. From the hourly chart, it can be seen that the rebound strength of the gold price is getting stronger and stronger. It has now risen sharply above the 20SMA (currently around $4,556) and is approaching the 50SMA ($4,591). It is expected to rise above $4,600 within the day. However, the $4,660 level at the Gann angle has changed from support to resistance. It is difficult for the gold price to hold this level in the short term. It is expected to fluctuate between $4,500 and $4,660 in the short term. 

The above content is for reference only and does not constitute investment advice.