Technical Analysis: Gold bulls challenge the 4-hour 200-period moving average, with $4,760 as the key support level
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- Spot gold maintains a constructive bullish bias and is attempting to break through the key resistance level of the 200-period Simple Moving Average (SMA) on the 4-hour chart to extend its upward momentum.
- The RSI stands at 60 and is gradually approaching the overbought zone; the MACD continues to rise in positive territory, showing that bullish pressure remains. However, if the price continues to surge rapidly, signs of weakening momentum may appear.
- Initial resistance is at the 61.8% Fibonacci retracement at 4,915 yuan. If this level is effectively broken, the next upside target points to the 78.6% retracement at $5,134.37, subsequently challenging the cycle high at $5,419.
- On the downside, the 50% Fibonacci retracement at $47,609 forms key support. If this level is lost, it will expose the 38.2% retracement at $4,604 and the 23.6% retracement at $4,410, where buyers are expected to re-enter the market.
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