In the early Asian market on Friday (April 25), spot gold showed a trend of rising and falling. As of 07:52, the gold price reached a high of 3370.58 US dollars per ounce and then fell back to around the 3350 mark for consolidation. After experiencing a sharp drop of nearly 3% on Wednesday, the gold price rebounded strongly on Thursday, with a single-day increase of 1.83%, and finally closed at 3348.50 US dollars. This wave of rebound was mainly driven by the weakness of the US dollar and the entry of market bottom-fishing funds.

The gold market is likely to enter a high-level fluctuation stage. The current market presents a "three-legged" pattern: first, the uncertainty of the trade war. If the US insists on imposing new tariffs, the gold price may hit the $3,500 mark again; second, the suspense of the Fed's policy. Whether the May meeting will release a signal of interest rate cuts will become a key turning point; finally, the trend of the US dollar. If subsequent economic data continues to deteriorate, the US dollar index may fall below the 99 integer mark.

From the daily level of spot gold, after the exaggerated reversal in the middle of the week, the current gold price has not only lost the important support of the 3,350 line, but also formed an obvious bearish evening star in terms of shape, which means that there may be further correction space in the future. In addition, at this stage, the short-term moving averages MA5 and MA10 have been broken one after another, so it is not ruled out that it will continue to move closer to MA20, but its position is still below 3,200.

From the 4-hour level of spot gold, although it once fell nearly $200 from the high, the gold price gradually stood firm yesterday and began to fluctuate and rebound. It has now returned to above the 3,300 mark. However, given that the moving average group is in a sticky state and the MACD indicator has also adjusted to near the 0 axis, the short-term long-short competition may become more intense. Therefore, it is recommended to maintain a more stable strategy of selling high and buying low. Pressure: 3342-3350-3360 Support: 3328-3320-3310.

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.