On Thursday (April 23) in early Asian trading, gold prices continued to fluctuate slightly lower, currently trading around $4725, down about 0.3%. Iran's seizure of ships in the Strait of Hormuz, the stalemate of Trump's "indefinite ceasefire" without substantial progress in negotiations, and the inflationary chain reaction triggered by oil prices breaking through $100 have collectively created the current dilemma for gold.

In the short term, a stronger dollar, central bank caution, and a high-interest-rate environment will continue to suppress the upside potential of gold prices. The slight decline in early Asian trading on Thursday may just be a continuation of the current consolidation. However, from a medium- to long-term perspective, the continued tension in the Strait of Hormuz, the structural disruption to global energy supply, and the potential for prolonged geopolitical conflict still retain important safe-haven appeal for gold. If the ceasefire negotiations completely break down or oil prices spiral further out of control, gold's anti-inflationary properties are expected to be reawakened by the market.

From the daily chart for spot gold, yesterday's price action resulted in a doji candlestick pattern with a bearish body. Today, the price further declined, breaking below the 20-day moving average (MA20) support. Furthermore, the MACD indicator shows signs of a bearish crossover, suggesting a potential reversal in the upward trend. The resistance level of the 5-day moving average (MA5) should be closely monitored.

From the 4-hour chart for spot gold, after a period of consolidation last week, the price broke below the bottom of the trading range at the beginning of this week. Currently, the MACD indicator is in a bearish crossover phase, and the price is testing the support level of 4700. The effectiveness of this support level should be closely monitored today, with the MA5 acting as resistance. Resistance: 47170-4720-4730; Support: 4700-4690-4680.

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.