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Due to mixed market expectations, volatility is expected to increase significantly during the US session.

The core trading strategy remains: sell on rallies.

Gold encountered resistance at 4750-4760 in the short term, initiating a downward correction.

With lower highs, downward pressure is intensifying.

Currently, gold is trading around 4720, in the middle of the 4680-4760 range.

If gold rebounds and breaks through the 4750-4760 resistance, the next resistance level is 4780-4800.

If gold falls below 4700, I expect the price to quickly test lower support levels.

Support levels are at 4680-4650.

Short-term trading should not be undertaken blindly. Wait patiently for gold to reach and confirm support or resistance levels before entering the market.

The move up looks more like a corrective pullback than a true bullish reversal. Price is heading into a pretty important zone around 4695–4710, and this area could decide the next move.

If sellers step in here, we might see a rejection and a move back down toward 4670 as the first downside level to watch.

Key levels I’m watching:

4695–4710 → potential resistance / sell zone

4670 → downside trigger level

Is this just a liquidity grab before continuation lower, or do buyers actually have more strength this time?

Today's Gold Trading Strategy (Overall Trend Downward)：

4700 is the last line of defense for short-term bulls. Holding 4700 will lead to a consolidation and rebound, with a target of 4730-4750.

If the rebound fails to break through 4750, the rebound will end, and a further decline is expected.

A decisive break below 4690 will open up further downside potential, with a continued test of 4670-4660.

Gold's rebound on Wednesday (April 22) was met with resistance. Despite Trump's unilateral announcement of an extension of the ceasefire and reports that the US might lift its blockade against Iran, market optimism initially fueled a rapid rebound in gold prices to around $4772. However, the Iranian Revolutionary Guard's subsequent seizure of two ships in the Strait of Hormuz, a show of strength, instantly ignited the Middle East's geopolitical tensions. International oil prices resumed their upward trend and broke through the $100 mark, while inflation expectations and global central bank interest rate hikes rose simultaneously, and the US dollar index rebounded strongly, ultimately causing gold prices to give up all their gains, closing near $4740, with a daily increase of only about 0.4%. Entering early Asian trading on Thursday (April 23), gold prices fell below $4700 again, touching $4694, and are currently trading around $4725. Technically, gold still faces downside risks.

WTI on 4H just bounced hard from the 82 demand zone after a sharp sell-off, but the structure still feels heavy. Price is now hovering around 91–92 and struggling near 94.80, which looks like a key rejection area.

Here’s what stands out:

• Strong reaction from 82 → clear demand zone

• Equal lows got swept → liquidity grab already done

• 94.80 acting as immediate resistance

• Overall trend still bearish unless structure shifts

So the real question…

If price breaks and holds above 94.80, are we looking at a move toward 104.50?

Or does rejection here send it right back to 88 → 82 again?

Feels like 94.80 is the level that decides everything.

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Gold is showing a short-term bullish pullback within a broader weak/bearish structure. Price is moving inside an ascending channel after a sharp drop, suggesting a corrective move rather than a full trend reversal.

Trend

Short-term bullish | Overall structure still cautious / slightly bearish

Key Levels

Support: 4730 – 4715

Breakdown below 4715 → continuation towards 4695

Resistance: 4780 – 4805

Break above 4805 → stronger bullish continuation

Outlook

As long as price holds above 4730, the upward channel can continue. Rejection near 4780–4805 could bring sellers back into play.

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Gold is stuck in a sideways range after a weak push up, and it’s starting to look tired near the 4850–4860 area where sellers are clearly active. Price isn’t able to stay strong above the middle band, which hints that buyers are losing control.

A drop below 4780 could trigger a bearish move.

You can look for sells below 4780, aiming for 4740 and then 4700, with a stop loss around 4865.

If 4780 breaks cleanly, downside momentum can pick up quickly.

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