4.6 Gold Morning Report

Last week, gold experienced a rally followed by a decline. After reaching the 4800 level, prices sharply retreated, dropping to a low of 4461, and the weekly close was around 4675. Today's morning session continues to show weakness, with a quick drop at the open to the 4600 level. It has found short-term support and is maintaining a wide-range oscillation pattern overall.

This round of deep correction in gold is mainly driven by dual negative factors: on one hand, the non-farm payrolls data significantly exceeded expectations, directly dispelling the market's mainstream expectation of a Fed rate cut in June; combined with Trump's latest statements applying pressure, further strengthening the bearish sentiment. As a result, the US dollar index and US Treasury yields are rising in tandem, putting obvious pressure on non-yielding assets like gold, with short-term bearish momentum dominating.

From a technical perspective, the previous upward trend line on the 1-hour chart has officially broken, forming a short-term top pattern after a rally and pullback. The 4800 round number acts as a strong resistance zone, making a breakout difficult in the short term; meanwhile, the support zone between 4538 and 4482 is the core defensive support for the bulls and also the dividing line between medium-term strength and weakness.

A pullback to the support levels of 4580-4600 can be used for low-cost entry positions, with a short-term view of a rebound correction. The target levels are sequentially around 4650-4680.