Today’s Gold Market Analysis

4.17 Market Overview: Long positions in AU continue to be held

AU entered at 4794 yesterday to go long, and is currently slightly floating in loss; the market is consolidating around 4794, so continue holding the long positions and wait for a rebound

AU is in a descending wedge bullish structure. Soon, the trendline and the resistance at 4794 will form a resonance. After breaking the trendline, it will continue the long (bullish) structure

4794 is both support and resistance, serving as a pivot point; the market is swinging again and remains uncertain. Tomorrow is the weekend, when trading will pause and liquidity will be exhausted. Continue holding the long positions

4732 is the 0.618 retracement from the high to the low, and it is also a support-resistance swap point. With the three points forming a resonance, long positions can be laid in there, or used as an entry location for adding positions

If you currently hold no positions, wait on the right side for a breakout and stabilization above 4794 to go long; add positions at 4732; defend at 4700; targets are around 4854 and 4886
Or you can also lay in on the left side and go long on a pullback to the trendline; bet on a rebound

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