Current Market Snapshot 
XAUUSD
Gold closed the previous week at approximately $3,085 per ounce, after hitting a new all-time high of $3,087 on Friday. This indicate a bullish market, driven by persistent safe-haven demand, central bank purchases (notably from China and Russia), and expectations of U.S. Federal Reserve rate cuts in 2025. However, there’s also chatter about potential profit-taking or consolidation, as gold approaches overbought conditions on some technical indicators.
Bullish Sentiment: Traders expect gold to break $3,100 soon, citing geopolitical risks and a weakening U.S. dollar index (DXY) forecasted to drop below 100.
Bearish/Cautious Sentiment: Some traders warn of a pullback to $3,055-$3,060 if $3,091 resistance holds or if unexpected U.S. economic data surprises markets.
Technical Analysis
Technical levels for next 24 to 48 hours:
Support Levels:
$3,060: Strong support from recent consolidation and a psychological round number.
$3,055: A deeper support level from late February 2025 trends.
$3,000: Major psychological and historical support if a significant sell-off occurs.
Resistance Levels:
$3,091: Immediate resistance; a break above this could trigger FOMO (fear of missing out) buying.
$3,100: Next psychological resistance
$3,200: Short-term bullish target
Indicators:
RSI (Relative Strength Index) on daily charts (from web sources) is near 70, suggesting gold is overbought but not yet at extreme levels (80+), indicating room for further upside.
Moving Averages: Gold is trading above its 50-day and 200-day EMAs, reinforcing the bullish trend.
Price Range for next 24 to 48 hours
Low: $3,058 - $3,065
This accounts for potential profit-taking at the open or a risk-off move if weekend news is negative.
High: $3,100 - $3,150
This reflects bullish momentum if $3,091 is breached early, with traders targeting $3,200 as the next psychological level.
After weighing all factors, here’s my enhanced prediction:
Most Likely Scenario: Gold will open slightly lower ($3,080-$3,085) due to profit-taking but will recover throughout the day as buyers step in at support levels ($3,060-$3,065). If $3,091 is broken (70% probability), gold could rally to close near $3,100-$3,120 by Monday’s or Tuesday’s end.
Alternative Scenario: If selling pressure intensifies (30% probability), gold might drop to $3,058-$3,065 but is unlikely to fall below $3,050, as buyers would likely defend this level.
Key Catalysts to Watch:
Asian market open (Monday morning): If Chinese or Indian gold demand remains strong, prices could gap up.
U.S. market open: Watch for any statements from Fed officials or Trump administration policy announcements.
Volume: High volume above $3,091 would confirm bullish momentum; low volume could signal consolidation.
Apr 2 USD ISM Manufacturing PMI
Apr 2 USD JOLTS Job Openings
Apr 2 USD ADP Non-Farm Employment Change
Apr 3 USD Unemployment Claims
Apr 4 USD ISM Services PMI
Apr 4 USD Average Hourly Earning
Apr 4 USD Non-Farm Employment Change
Apr 4 USD Unemployment Rate
Apr 5 USD Fed Chair Powell Speaks
XAUUSD Gold closed the previous week at approximately $3,085 per ounce, after hitting a new all-time high of $3,087 on Friday. This indicate a bullish market, driven by persistent safe-haven demand, central bank purchases (notably from China and Russia), and expectations of U.S. Federal Reserve rate cuts in 2025. However, there’s also chatter about potential profit-taking or consolidation, as gold approaches overbought conditions on some technical indicators.
Bullish Sentiment: Traders expect gold to break $3,100 soon, citing geopolitical risks and a weakening U.S. dollar index (DXY) forecasted to drop below 100.
Bearish/Cautious Sentiment: Some traders warn of a pullback to $3,055-$3,060 if $3,091 resistance holds or if unexpected U.S. economic data surprises markets.
Technical Analysis
Technical levels for next 24 to 48 hours:
Support Levels:
$3,060: Strong support from recent consolidation and a psychological round number.
$3,055: A deeper support level from late February 2025 trends.
$3,000: Major psychological and historical support if a significant sell-off occurs.
Resistance Levels:
$3,091: Immediate resistance; a break above this could trigger FOMO (fear of missing out) buying.
$3,100: Next psychological resistance
$3,200: Short-term bullish target
Indicators:
RSI (Relative Strength Index) on daily charts (from web sources) is near 70, suggesting gold is overbought but not yet at extreme levels (80+), indicating room for further upside.
Moving Averages: Gold is trading above its 50-day and 200-day EMAs, reinforcing the bullish trend.
Price Range for next 24 to 48 hours
Low: $3,058 - $3,065
This accounts for potential profit-taking at the open or a risk-off move if weekend news is negative.
High: $3,100 - $3,150
This reflects bullish momentum if $3,091 is breached early, with traders targeting $3,200 as the next psychological level.
After weighing all factors, here’s my enhanced prediction:
Most Likely Scenario: Gold will open slightly lower ($3,080-$3,085) due to profit-taking but will recover throughout the day as buyers step in at support levels ($3,060-$3,065). If $3,091 is broken (70% probability), gold could rally to close near $3,100-$3,120 by Monday’s or Tuesday’s end.
Alternative Scenario: If selling pressure intensifies (30% probability), gold might drop to $3,058-$3,065 but is unlikely to fall below $3,050, as buyers would likely defend this level.
Key Catalysts to Watch:
Asian market open (Monday morning): If Chinese or Indian gold demand remains strong, prices could gap up.
U.S. market open: Watch for any statements from Fed officials or Trump administration policy announcements.
Volume: High volume above $3,091 would confirm bullish momentum; low volume could signal consolidation.
Apr 2 USD ISM Manufacturing PMI
Apr 2 USD JOLTS Job Openings
Apr 2 USD ADP Non-Farm Employment Change
Apr 3 USD Unemployment Claims
Apr 4 USD ISM Services PMI
Apr 4 USD Average Hourly Earning
Apr 4 USD Non-Farm Employment Change
Apr 4 USD Unemployment Rate
Apr 5 USD Fed Chair Powell Speaks
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.