April 23, 2026 Spot Gold Evening Analysis

The situation’s disruptions and divergence have intensified, and gold is under pressure with weak, range-bound trading

Affected by the ongoing escalation of the US-Iran situation, crude oil rose sharply in the morning, which indirectly dragged the overall gold trend lower.

Throughout the day, price action repeatedly weakened, failing to hold the 4700 psychological level multiple times; it dipped as low as around 4693. Overall, the daily chart has been oscillating narrowly around the Bollinger Bands’ middle band.

In the short term, both the 1-hour and 4-hour cycles are moving in the downtrend channel and operating in the lower-band range, with the trend favoring weak consolidation.

The key support below is at 4680, with stronger support at 4660. Short-term resistance above is at 4715, and further heavy resistance lies at 4750.

For tonight, focus on this week’s initial jobless claims and the PMI preliminary release. Before the data comes out, the market will most likely maintain a range-bound, oscillating rhythm.

For trade planning, it is suggested to scale into long positions in batches by relying on the 4680 and 4660 support levels. For short-term targets, first watch 4715; if it breaks, further upside should be looked for toward the 4735 range.

The above is only personal advice, for reference only, and does not constitute an investment recommendation, and the specific plan should follow Cheng Jingsheng’s Shi Pan layout!$XAU ‌#XAU