On Wednesday (April 15) in early Asian trading, spot gold was trading around $4837.70 per ounce. Gold prices rose more than 2% on Tuesday, benefiting from a weaker dollar and market hopes for renewed US-Iran talks. Trump indicated that negotiations aimed at ending the war with Iran might resume in Pakistan within the next two days.

In line with the easing of geopolitical tensions, the US dollar index fell 0.3% to 98.10 on Tuesday, its lowest level since the start of the war with Iran, and is on track for its seventh consecutive day of decline, with a cumulative drop exceeding 2%. A weaker dollar directly increased the attractiveness of dollar-denominated gold to holders of other currencies, becoming a significant driver of gold price increases.

On the daily chart, gold prices have filled the gap from Monday's opening and stabilized above the 5-day, 10-day, and 20-day moving averages, which are in a standard bullish alignment. The red histogram bars are continuously increasing, indicating a steady release of bullish momentum. Indicators are running at mid-to-high levels, suggesting a slight pullback is possible.

On the 1-hour chart, prices are slightly consolidating at higher levels, indicating a short-term technical correction. However, strong buying support limits the pullback, and the overall bullish trend remains unchanged. Short-term support is at 4790-4740, while 4850 is a key resistance level; a break above this level could lead to 4900-4990. The short-term strategy is primarily to buy on dips, with short positions as a secondary option. In summary, today's short-term trading strategy for gold focuses on the 4870-4920 resistance level and the 4790-4740 support level.

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.