Gold Prices Hold Steady at the Start of the Week, Market Awaits Gold Spot (XAUUSD)FXOPEN:XAUUSDXau_AnnikaGold Prices Hold Steady at the Start of the Week, Market Awaits Central Bank Decisions and Geopolitical Signals On Monday (April 27), international gold prices remained largely stable as investors remained cautious amid stalled US-Iran negotiations. As of press time, spot gold was up slightly by 0.1%, trading at $4714.51 per ounce. Last week, gold prices fell 2.5%, ending a four-week winning streak. Fundamentals: Interest Rate Expectations Suppress Safe-Haven Sentiment While geopolitical risks provide a floor for gold, market focus has shifted significantly more towards the duration of high interest rates than the geopolitical events themselves. The Federal Reserve's hawkish stance, unlikely to change in the short term, continues to limit gold's upside potential. Even if US-Iran tensions ease and the Strait of Hormuz reopens, a rebound in economic activity could keep inflation high, forcing the Fed to maintain its tightening policy. The inflationary effect of rising oil prices has actually increased market expectations for interest rate hikes, weakening gold's attractiveness as a non-interest-bearing asset. Current market sentiment is divided: geopolitical risks and interest rate expectations are creating a tug-of-war between bulls and bears, resulting in a weak and volatile gold price pattern. This week's focus will quickly shift to central bank decisions—the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan will hold a series of meetings, while US Q1 GDP and March PCE data will also be released. If the Fed releases hawkish signals, gold prices may face a deeper correction. Technical Analysis: Bearish Pattern Established, Weak Trading in a Range-Bound Pattern From a daily chart perspective, gold has established a short-term bearish pattern. The 24-day and 38-day moving averages have formed a death cross, and gold prices have broken below the moving average system support; the MACD indicator's fast and slow lines have formed a death cross above the zero line, and the green momentum bars continue to expand, clearly indicating a bearish signal. The Bollinger Bands continue to narrow, and the price is oscillating narrowly around the middle band. The probability of gold breaking out in a one-sided direction this week is increasing, and further downside potential is expected. From a 2-hour chart perspective, the $4735-$4740/oz level remains the first key resistance level for gold prices. Until this level is effectively broken, short-term rebounds should be viewed more as consolidation and correction. On the 4-hour chart, gold prices are trapped in a narrow range, trading between $4657 and $4740 per ounce. The MACD indicator has formed a golden cross below the zero line, indicating a short-term rebound potential. On the hourly chart, after the morning's decline, short-term indicators are oversold, moving averages are flattening, and the price has fallen back to the lower Bollinger Band area, suggesting a rebound is expected during the Asian session. However, given the significant upward pressure, the rebound is likely to be limited. In summary, gold prices are likely to continue their downward trend in the short term. The key support level is $4650 per ounce; a break below this level would likely lead to a further decline to $4550. Today's Trading Strategy Reference: Short Position Strategy: Sell gold in batches around $4730-$4740, with a stop loss at $4750, a target of $4680-$4650, and a further target of $4600 if the price breaks through. Long Position Strategy: Buy gold in batches around 4600-4610, with a stop loss at 4580 and a target of 4650-4680. A break above this level could lead to 4700. 📌 Found this analysis helpful? Like and follow for daily gold strategy analysis! 💡 Combining strategy with practical application, using stop-loss orders, and trading rationally are key to steady progress amidst market volatility.