Macro theme:
- Gold prices retreated from recent highs as improved risk sentiment following the US-China trade deal and a stronger US dollar weighed on safe-haven demand.
- Gold ETFs recorded modest outflows in Apr, but the withdrawal slowdown suggests easing profit-taking pressure.
- In the near term, trade optimism may keep gold under pressure, though central bank demand and portfolio diversification continue to support the long-term outlook.
Technical theme:
- XAUUSD pulled back from the swing high near 3430, forming a lower high and moving into a sideways structure between EMAs.
- A close below 3230 could trigger further downside toward 3135,
- On the contrary, holding above 3230 may prompt a retest of the 3430 level.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- Gold prices retreated from recent highs as improved risk sentiment following the US-China trade deal and a stronger US dollar weighed on safe-haven demand.
- Gold ETFs recorded modest outflows in Apr, but the withdrawal slowdown suggests easing profit-taking pressure.
- In the near term, trade optimism may keep gold under pressure, though central bank demand and portfolio diversification continue to support the long-term outlook.
Technical theme:
- XAUUSD pulled back from the swing high near 3430, forming a lower high and moving into a sideways structure between EMAs.
- A close below 3230 could trigger further downside toward 3135,
- On the contrary, holding above 3230 may prompt a retest of the 3430 level.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
Related publications
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.