On Thursday (April 16) in early Asian trading, spot gold rose slightly, currently trading around $4822 per ounce, up about 0.6%. The continued weakening of the US dollar continues to support gold prices. In just 24 hours, gold has transformed from a safe haven into a battleground for profit-taking, all stemming from the complex chain reaction triggered by Trump's statement that "the war with Iran is nearing its end."

In summary, this gold price correction is not a simple technical adjustment, but an inevitable result of the deep interplay between global macroeconomics and geopolitics. The window of opportunity for the US-Iran conflict to transition from "hot war" to "peace talks" has reduced extreme safe-haven premiums, but it has also exposed the fragility of the energy supply chain and the stubbornness of inflation. The Fed's hints of a rate cut in 2027 further strengthen expectations of a high-interest-rate environment, and gold's traditional protective aura—safe haven + inflation hedge—is undergoing an unprecedented test.

From the daily chart for spot gold, yesterday's price action saw a surge followed by a pullback, resulting in a candlestick pattern with a long upper shadow. Despite the price pressure, the MACD indicator remains in a golden cross, suggesting the rebound may not be over yet. Further attention should be paid to the support level of the MA5 moving average.

From the 4-hour chart for spot gold, although the price has maintained a volatile rebound since the start of the week, it has failed to break through last week's high, indicating strong resistance above. The price has been consolidating recently, and the MACD indicator's convergence has failed to provide valuable signals. Continue to watch the 4700-4860 trading range. Resistance: 4830-4840-4850; Support: 4820-4810-4800.

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.