Spot 
XAUUSD moved significantly in early morning trading on Tuesday (April 29) and is currently trading at $3,315/oz, down 0.87% on the day at the time of writing.
XAUUSD reversed losses on Monday and rebounded, having earlier dipped to around $3,268. The US Dollar (Dxy) fell broadly on Monday, supporting gold as investors cautiously awaited more news on US trade policy and braced for a week of in-depth economic data that could provide early indications of whether US President Trump’s trade war is having an impact.
The U.S. Dollar Index
DXY fell 0.7% on Monday to close at 98.91, its lowest close in four trading days. The DXY has fallen 4.89% in April and is set to post its biggest monthly decline since July last year as Trump has shaken confidence in the reliability of U.S. assets.
A majority of economists polled by Reuters see a high risk of a global recession this year, with many saying that U.S. President Donald Trump’s tariffs have hurt business confidence. Bessant said on Monday that major U.S. trading partners have made “very good” proposals to avoid U.S. tariffs and one of the first deals to be signed would likely be with India.
Fed officials, including Chairman Jerome Powell, have said they are ready to cut rates if risks to economic growth become clear. But most officials appear to want to determine the impact of Trump’s tariffs on real economic indicators like inflation and employment before taking action.
This week, the US will also release first-quarter GDP data and the Fed's preferred inflation measure, core PCE, while Europe will also release preliminary GDP and inflation data.
Investors are also awaiting the US April jobs report on Friday, which is expected to show that employment is still growing, albeit at a much slower pace than a month ago.
Investors will also pay attention to the US JOLT jobs data for March and the second round of US-Japan tariff talks, due out today.
Technical Outlook AnalysisXAUUSD
On the daily chart, gold continues to move sideways as there is no fundamental impact big enough to break the structure to create a short-term trend. But in terms of position, gold is currently likely to decline as the RSI is pointing down quite far from 50, 50 in this case acts as the nearest target support indicating that there is still room for downside ahead in the short term.
However, in the overall picture, gold is still trending up mainly due to supporting factors such as the trending price channel as the main trend, the main support from EMA21 and as long as gold is above EMA21, in/above the price channel, it is still in the main uptrend, the declines should only be considered as short-term corrections or a buying opportunity.
During the day, gold is expected to accumulate with the main uptrend, the notable positions will be listed as follows.
Support: 3,292 – 3,267 – 3,245 USD
Resistance: 3,371 USD
SELL XAUUSD PRICE 3382 - 3380⚡️
↠↠ Stop Loss 3386
→Take Profit 1 3374
↨
→Take Profit 2 3368
BUY XAUUSD PRICE 3287 - 3289⚡️
↠↠ Stop Loss 3283
→Take Profit 1 3295
↨
→Take Profit 2 3301
XAUUSD moved significantly in early morning trading on Tuesday (April 29) and is currently trading at $3,315/oz, down 0.87% on the day at the time of writing. XAUUSD reversed losses on Monday and rebounded, having earlier dipped to around $3,268. The US Dollar (Dxy) fell broadly on Monday, supporting gold as investors cautiously awaited more news on US trade policy and braced for a week of in-depth economic data that could provide early indications of whether US President Trump’s trade war is having an impact.The U.S. Dollar Index
DXY fell 0.7% on Monday to close at 98.91, its lowest close in four trading days. The DXY has fallen 4.89% in April and is set to post its biggest monthly decline since July last year as Trump has shaken confidence in the reliability of U.S. assets.A majority of economists polled by Reuters see a high risk of a global recession this year, with many saying that U.S. President Donald Trump’s tariffs have hurt business confidence. Bessant said on Monday that major U.S. trading partners have made “very good” proposals to avoid U.S. tariffs and one of the first deals to be signed would likely be with India.
Fed officials, including Chairman Jerome Powell, have said they are ready to cut rates if risks to economic growth become clear. But most officials appear to want to determine the impact of Trump’s tariffs on real economic indicators like inflation and employment before taking action.
This week, the US will also release first-quarter GDP data and the Fed's preferred inflation measure, core PCE, while Europe will also release preliminary GDP and inflation data.
Investors are also awaiting the US April jobs report on Friday, which is expected to show that employment is still growing, albeit at a much slower pace than a month ago.
Investors will also pay attention to the US JOLT jobs data for March and the second round of US-Japan tariff talks, due out today.
Technical Outlook Analysis
XAUUSD On the daily chart, gold continues to move sideways as there is no fundamental impact big enough to break the structure to create a short-term trend. But in terms of position, gold is currently likely to decline as the RSI is pointing down quite far from 50, 50 in this case acts as the nearest target support indicating that there is still room for downside ahead in the short term.
However, in the overall picture, gold is still trending up mainly due to supporting factors such as the trending price channel as the main trend, the main support from EMA21 and as long as gold is above EMA21, in/above the price channel, it is still in the main uptrend, the declines should only be considered as short-term corrections or a buying opportunity.
During the day, gold is expected to accumulate with the main uptrend, the notable positions will be listed as follows.
Support: 3,292 – 3,267 – 3,245 USD
Resistance: 3,371 USD
SELL XAUUSD PRICE 3382 - 3380⚡️
↠↠ Stop Loss 3386
→Take Profit 1 3374
↨
→Take Profit 2 3368
BUY XAUUSD PRICE 3287 - 3289⚡️
↠↠ Stop Loss 3283
→Take Profit 1 3295
↨
→Take Profit 2 3301
Note
▫️SPOT Gold opened essentially flat on Wednesday, currently at $3,309 per ounce.Note
Note
🔴After the PCE data was released, Gold fell $12 and is now at $3305.17 per ounce.Note
🔴Gold Gold falls $50 on the day, losing 3240 mark Gold Spot has fallen $50.70 on the day and is currently trading at $3,237.84 per ounce, down 1.54%.
Note
Ukrainian UAV attacks Moscow ahead of Victory Day Parade escalate geopolitical risks, bolstering gold's rally.
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🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
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.