Market Review
On Thursday (April 24), spot gold suddenly soared after two days of adjustment, reaching a high of $3,367/ounce, and then fell slightly to around $3,320/ounce. Although the overall market risk appetite is stable, the Fed's expectations of rate cuts have increased, the US economic data has weakened, and the US dollar has been under pressure, which has jointly supported gold's recovery.
Key influencing factors
Expectations of Fed rate cuts: The market's bets on rate cuts this year have increased, weakening the US dollar and benefiting gold, an interest-free asset.
Weak economic data: The recent poor performance of US economic data has exacerbated market risk aversion.
Trade situation has eased: Global trade tensions have cooled, but the market is still on the sidelines, waiting for further guidance.
Technical analysis
Daily level: Gold closed negative for two consecutive days, but did not fall below the 10-day moving average, and the Bollinger Bands are still opening upward, indicating that the overall upward trend has not changed.
4-hour level: Gold price rebounded near the lower track, and MACD and RSI indicators turned from weak to strong, indicating that bullish momentum is accumulating.
Key resistance: $3,380 (4-hour middle track and previous high pressure), after breaking through, it is expected to further challenge $3,500.
Key support: $3,315 (short-term retracement position), $3,260 (stable long entry point).
Operation strategy
Aggressive strategy: 3310-3315 long, stop loss of $5, target 3,380, further look at 3,500.
Steady strategy: 3260-3265 long, stop loss of $5, target 3,380.
Focus
Today, the United States will announce the monthly rate of durable goods orders and the number of initial jobless claims in March. If the data is weak, it may further push up gold. In addition, it is necessary to continue to pay attention to the disturbance of geopolitical situation and trade trends to market sentiment.
On Thursday (April 24), spot gold suddenly soared after two days of adjustment, reaching a high of $3,367/ounce, and then fell slightly to around $3,320/ounce. Although the overall market risk appetite is stable, the Fed's expectations of rate cuts have increased, the US economic data has weakened, and the US dollar has been under pressure, which has jointly supported gold's recovery.
Key influencing factors
Expectations of Fed rate cuts: The market's bets on rate cuts this year have increased, weakening the US dollar and benefiting gold, an interest-free asset.
Weak economic data: The recent poor performance of US economic data has exacerbated market risk aversion.
Trade situation has eased: Global trade tensions have cooled, but the market is still on the sidelines, waiting for further guidance.
Technical analysis
Daily level: Gold closed negative for two consecutive days, but did not fall below the 10-day moving average, and the Bollinger Bands are still opening upward, indicating that the overall upward trend has not changed.
4-hour level: Gold price rebounded near the lower track, and MACD and RSI indicators turned from weak to strong, indicating that bullish momentum is accumulating.
Key resistance: $3,380 (4-hour middle track and previous high pressure), after breaking through, it is expected to further challenge $3,500.
Key support: $3,315 (short-term retracement position), $3,260 (stable long entry point).
Operation strategy
Aggressive strategy: 3310-3315 long, stop loss of $5, target 3,380, further look at 3,500.
Steady strategy: 3260-3265 long, stop loss of $5, target 3,380.
Focus
Today, the United States will announce the monthly rate of durable goods orders and the number of initial jobless claims in March. If the data is weak, it may further push up gold. In addition, it is necessary to continue to pay attention to the disturbance of geopolitical situation and trade trends to market sentiment.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.