On Tuesday (April 28) in early Asian trading, spot gold was trading around $4690 per ounce. US June gold futures also fell 1% to around $4693.70. The diplomatic stalemate in the US-Iran conflict in the Middle East, shipping disruptions in the Strait of Hormuz, persistently high oil prices fueling inflation concerns, and the possibility of a hawkish signal from the upcoming Federal Reserve policy meeting all weighed on gold prices. However, market sentiment remained cautious ahead of Fed Chairman Powell's final press conference and a clearer picture of the Iranian situation.

Gold faces downward pressure in the short term, but opportunities lie hidden within the medium- to long-term uncertainties. If tensions escalate in the Middle East and oil prices remain high, persistent inflation will reinforce expectations of high interest rates, potentially pushing gold prices to lower levels. Conversely, if a diplomatic breakthrough is achieved, the Strait of Hormuz reopens, oil prices fall, and expectations of interest rate cuts rise, favoring an upward trend for gold prices. The Fed meeting will be a key juncture in the near term, and its assessment of the impact on oil prices will influence market pricing.

From the daily chart of spot gold, yesterday's price action saw a surge followed by a pullback, resulting in a candlestick pattern with a long upper shadow. Prices are under renewed pressure, continuing the recent downward trend. Currently, the MACD indicator has issued a death cross signal, suggesting the pullback may not be over yet. The effectiveness of the MA5 moving average as resistance should be closely monitored.

From the 4-hour chart of spot gold, after a period of consolidation and decline, the downward trend shows signs of slowing, with prices currently trading within a range. The MACD indicator's convergence provides no valuable reference signal. Intraday, it is recommended to pay attention to the support level around 4660. Resistance: 4670-4680-4690 Support: 4660-4650-4640.

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.