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Muyao: April 9 Gold Market Outlook Analysis
The US and Iran announced a temporary ceasefire for two weeks, significantly easing geopolitical risk sentiment. Safe-haven funds are gradually exiting the market. Coupled with profit-taking after recent sharp gains from high levels, gold prices are experiencing a phased correction.
Tonight, the Federal Reserve meeting minutes and tomorrow’s CPI data release are imminent, and the market remains cautiously observant overall.
Yesterday, gold surged to around 4857, briefly breaking through before quickly retreating. The daily chart closed with consecutive down days, indicating that the previous overbought pressure at high levels has been temporarily alleviated.
Currently, short- and medium-term moving averages remain in a bullish alignment. The larger-term upward trend has not fundamentally changed, and the bulls still possess rebound momentum. Cautiously consider avoiding short positions in trading.