On Thursday (April 2nd) in early Asian trading, spot gold traded around $4800 per ounce, marking its fifth consecutive day of gains. This was primarily driven by a weaker dollar, with cautious optimism regarding a potential easing of tensions in the Middle East also contributing to the price increase. Currently, investors are focused on Trump's upcoming national address.

In the short term, gold will continue to be driven by expectations of a ceasefire in the Middle East and the dollar's performance. If Trump's speech releases clear signals of de-escalation, gold prices may test higher resistance levels; conversely, if the conflict continues or new attacks escalate, safe-haven demand will again push up gold prices. In the long term, the Fed's policy shift, expectations of slower economic growth, and the recovery process of the global energy market will determine whether gold can break through the $5000 mark and establish a foothold.

From the daily chart for spot gold, yesterday's price rebounded sharply, recording a large bullish candlestick. Although prices have fallen significantly today, the MACD indicator has issued a golden cross signal, suggesting the rebound may not be over yet. The key support level to watch is whether the 5-day moving average (MA5) can provide effective support.

From the 4-hour chart for spot gold, prices rebounded from a low and formed a double bottom pattern. The MACD indicator also maintained a golden cross. However, after touching the 4800 level, prices faced resistance and fell sharply, breaking through the support of both the MA5 and MA10 moving averages. This suggests a risk of further decline today, with the key support level to watch being the 4600 level. Resistance: 4670-4680-4690 Support: 4660-4650-4640

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.