Gold market analysis

The short-term rebound in gold prices is expected to remain constrained by the 50-day moving average.

2026-04-24

"Gold's Short-Term Rebound Expected to Remain Constrained by 50-Day Moving Average" 24/4/2026 10:55 Finalized 

The situation in the Middle East remains tense. The spot gold price plunged sharply to $4,664.59 in the early afternoon of New York yesterday, but then rebounded quickly to $4,721.45. However, it was constrained by the 50SMA on the hourly chart (currently around $4,728) and gradually declined. It hit a low of $4,682.37 in the early Asian session today before stabilizing temporarily. $4,700 has become the first resistance level for the intraday rebound. 

Spot gold prices have again found strong support above the Gann level angle of $4,660, and the current trend is in line with the previous prediction that gold prices would bottom out in the short term yesterday. Of course, the development of the US-Iran situation is an important factor affecting the prices of gold and oil, as well as the performance of the global financial market. If gold prices have indeed bottomed out in the short term as expected yesterday, a rebound wave should start today. Even if the market is concerned about changes in the US-Iran situation over the weekend and is reluctant to fully buy gold, as long as gold prices remain above $4,660, the possibility of a rebound wave starting early next week is very high. However, the 50SMA on the daily chart (currently around $4,862.7) remains the main resistance. 

If the US and Iran go to war again, the inverse relationship of gold falling and oil rising should not be underestimated. However, I must emphasize that this is event-driven and the resulting volatility can be extremely high. After a sharp rise or fall in the short term, the gold price is expected to fluctuate between 4,000 and 5,000 US dollars within the year. Additionally, from the daily chart, the gold price has been below the 20SMA (4,726) for the second day, seemingly attempting to break down. Therefore, 4,660 US dollars must not be lost. Once it is confirmed to be breached, the next key support level points to 4,410 US dollars. 

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


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