On Friday (April 10) in early Asian trading, spot gold was trading around $4760 per ounce. The US dollar index continued its decline on Thursday, closing down 0.22% at around 98.81. The weakening dollar provided significant technical support for gold. Buyers using other currencies found it easier to purchase gold when the dollar was weak, directly driving the rebound in spot gold prices. Meanwhile, investors assessed the sustainability of the fragile US-Iran ceasefire agreement and awaited the release of the US March CPI data on Friday.

The situation in the Middle East is one of the core drivers of this gold price increase. The US-Iran ceasefire agreement brokered by the Trump administration seemed to have brought an end to the six-week conflict, but cracks have quickly appeared in reality. Israel's large-scale airstrikes on targets in Lebanon, which killed more than 300 people, directly threaten the sustainability of the agreement. Iran has made it clear that a ceasefire must include Lebanon and emphasized that it will not tolerate any attacks. The strong statement from Iran's Supreme Leader has further exacerbated market tensions.

From the daily chart for spot gold, prices have consolidated after a surge and pullback, supported by short-term moving averages. The MACD histogram is narrowing, and the KDJ indicator is showing an initial golden cross at a low level, indicating weakening bearish momentum and bullish accumulation. The 4-hour chart shows a consolidation pattern with moving averages converging and flattening, and the MACD near the zero line, indicating a stalemate between bulls and bears, requiring a breakout to confirm the direction.

From the 1-hour chart for spot gold, prices have stabilized above short-term moving averages, which are in a bullish alignment, providing support for further upward movement. The MACD indicator has formed a golden cross, with the red histogram steadily increasing, indicating strengthening momentum. The RSI indicator has broken through the 50 neutral line and is gradually moving towards the bullish zone. The candlestick pattern shows a bullish structure with higher lows and higher highs. The short-term pullback has not broken key support, indicating a clear overall bullish trend and a continuation of the upward movement after a period of consolidation. In summary, the recommended short-term trading strategy for gold today is to primarily buy on dips and secondarily sell on rallies. Key resistance levels to watch are 4810-4850, while key support levels are 4720-4680.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.