On Wednesday (April 8) in early Asian trading, gold continued its rebound from around $4600 the previous day, rising for the second consecutive trading day, briefly touching a near three-week high during the Asian session. However, the precious metal subsequently gave back some of its intraday gains and is currently trading near the $4830 level, still up about 2.8% on the day, mainly due to a weaker dollar.

The US dollar index fell sharply on news of a US-Iran ceasefire, hitting a near one-month low. US President Trump announced on Truth Social that the US would suspend planned military strikes against Iran for two weeks if Iran agreed to a full, immediate, and safe opening of the Strait of Hormuz. Iran stated that it had accepted the two-week ceasefire and would begin negotiations in Islamabad, Pakistan, on Friday. This news boosted market confidence, weakened the dollar's status as the global reserve currency, and thus benefited the market.

From a daily chart perspective, gold's short-term trend is mildly bullish, as prices have recovered the middle of the recent consolidation range. Meanwhile, the MACD indicator has crossed above the zero line into positive territory, and the histogram continues to expand, indicating strengthening upward momentum after the previous correction. The Relative Strength Index (RSI) is hovering above the 60 neutral zone, maintaining a positive signal, but has not yet entered overbought territory.

From a 4-hour chart perspective, gold prices have entered a wide-range consolidation phase, clearly lacking a clear direction. Prices are generally hovering between 4600 and 4700, and a clearer trend is expected. Currently, neither the moving averages nor the MACD indicator provide a clear signal, indicating intense competition between bulls and bears. Therefore, the recommended strategy for now is to buy low and sell high. Resistance: 4820-4830-4840; Support: 4805-4790-4780.

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.