Gold market analysis

"Gold's Inflation-Resisting Capacity to Be Tested" 28/4/2026 7:04 Completed
The situation between the US and Iran remains uncertain. Gold has repeatedly tested the $4,650 level in recent days and has found support. It dropped to $4,667.38 in the late London session last night and rebounded slightly. This morning in the Asian session, it rose to $4,691.24. From the hourly chart, it can be seen that the spot gold price has been continuously falling since it gapped lower last Monday and has formed a flat-bottomed descending triangle. $4,750 seems to be the main resistance in the short term. Gold must break through this level to have the potential to rise further, but $4,810 remains the main resistance. 

This week, several central banks will announce their interest rate decisions. Due to the unclear situation in the Middle East and the fact that the main oil shipping lane through the Strait of Hormuz is still blocked by Iran and the United States, central banks are expected to maintain a hawkish monetary policy stance, and the possibility of short-term interest rate cuts is slim. If central banks, especially the Federal Reserve, hint at or even suggest the possibility of raising interest rates, gold prices may take the opportunity to test the $4,600 level. 

As seen from the daily chart, the gold price is currently between the 20SMA (4752) and the 50SMA (4673), and the overall trend remains in a downtrend. Once the Gann level angle at $4,660 is breached, this level will become resistance, and the next test target will be $4,610. At that time, it will be possible to observe whether gold truly has the ability to resist inflation! 

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