GOLD: Currently in a Pullback Phase
$Gold - main 2606(GCmain)$International gold prices opened sharply lower on Monday (April 20th), falling by more than $60 at one point by 7:30 AM, a drop of 1.5%, reaching a low of around $4760. This sharp correction completely reversed Friday's strong performance, mainly due to the sudden deterioration of the situation in the Middle East over the weekend: the Strait of Hormuz was closed again, the US military fired on and seized Iranian merchant ships in the Gulf of Oman, and Iran explicitly refused to participate in the second round of US-Iran negotiations, vowing to respond and retaliate.
This series of events not only increased global energy risks but also exacerbated market concerns about inflation, significantly dampening expectations of a Federal Reserve rate cut, causing the US dollar index to rise rapidly to a one-week high, putting significant downward pressure on gold.
Gold prices plummeted at the start of Asian trading due to weekend news, leaving a price gap. It is currently in a pullback phase, with short-term resistance around 4832 and key resistance at 4850.
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