Gold price breaks through $4,800! Middle East ceasefire

Market Review: Gold prices rise strongly overnight

On Wednesday (April 8), spot gold prices rose more than 2.5% to approximately US$4,823 per ounce. Trump announced a two-week ceasefire agreement with Iran, and U.S.-Iran negotiations are scheduled to begin in Islamabad on the 10th of this month. Crude oil prices fell by more than 19%, inflation concerns eased, the Federal Reserve’s interest rate hike expectations dropped significantly, and the U.S. dollar index fell to 99.01. The People’s Bank of China has increased its gold holdings for the 17th consecutive month, providing important support for gold prices. 🧭

Technical Analysis: Where are the bulls headed?

The market action last night was exciting! The price of gold strongly broke through the US$4,700 mark and has now stabilized above US$4,800, with its strong upward momentum continuing. Technically, the big white candlestick on the daily chart broke the deadlock, and market sentiment clearly turned optimistic.

Critical level:

Resistance level: $4850-4860, breaking this resistance level may rise to $4890-4900 level. If the ceasefire agreement is fully implemented, it is not impossible to reach US$5,000! 💪

Support level: $4750-4760, with strong support at $4700. As long as the price remains at $4,700, any price pullback represents a buying opportunity.

Important note: The ceasefire agreement is only temporary for two weeks, and there are still uncertainties in the US-Iran negotiations. Therefore, caution should be exercised when trying to target the highest price levels; buying when prices are falling is a safer strategy. 🎯

trading strategy
Procurement Strategy (Main):

Buy in bulk at $4750-4760, stop loss at $4730, target $4820-4850, and break through $4900.

Sales Strategy (Secondary):

Sell ​​in batches at $4840-4850, stop loss at $4870, and target $4800-4770.

If the price reaches $4,750, this is an excellent entry point to buy!

Finally, the important point is 💬The trend is clear and buyers are in control. But please manage your position size and stop loss carefully to avoid holding losing positions. The situation in the Middle East and Federal Reserve data could trigger volatility at any time.

If you think this analysis is helpful to you, please like, collect and share it! Let’s discuss it in the comments – can the price of gold reach $5,000 this time? 🤔