XAUUSD encountered a sudden sell-off in early Asian trading on Thursday (May 1). The current price of gold is around $3,245/ounce, down sharply by $43 on the day and at a key technical position. XAUUSD fell for a third consecutive day as signs that trade talks between the United States and China may be progressing reduced demand for safe-haven assets, Bloomberg reported on Thursday. China Central Television said the United States has been in touch with China through various channels.Bloomberg noted that concerns about the global trade outlook were also eased by news that the Trump administration was close to announcing the first of a series of deals that would reduce planned tariffs on several countries.
XAUUSD have risen about 25% this year, largely as investors flocked to the safe-haven asset as U.S. President Donald Trump’s rapidly shifting trade policies have roiled markets and stoked fears of a global economic slowdown.However, inflows into gold ETFs, central bank buying and strong speculative demand from China will also provide fundamental support for gold prices.
Looking ahead, Friday’s US non-farm payrolls report could reveal the initial impact of Trump’s trade policies on the economy.
Technical Outlook Analysis
XAUUSD On the daily chart, gold is trading at a crucial support area for long-term bullish expectations with support from Ema21 converging with the 0.50% Fibonacci retracement. If gold is sold below $3,228, it could continue to decline further with a target of around $3,163 in the short term, the price point of the 0.618% Fibonacci retracement.
On the other hand, the Relative Strength Index (RSI) is also approaching the 50 level after a period of correction, which in this case acts as the nearest support.
It can be said that with the current position, gold has the most support with EMA21 converging with Fibonacci retracement 0.50% in terms of trend, and RSI approaching 50 is support in terms of momentum.
During the day, the current position still shows that gold has the potential to increase in price and the notable positions will also be listed as follows.
Support: 3,245 - 3,228 USD
Resistance: 3,267 - 3,292 USD
SELL XAUUSD PRICE 3295 - 3293⚡️
↠↠ Stop Loss 3299
→Take Profit 1 3287
↨
→Take Profit 2 3281
BUY XAUUSD PRICE 3195 - 3197⚡️
↠↠ Stop Loss 3191
→Take Profit 1 3203
↨
→Take Profit 2 3209
Note
Note
Ukrainian UAV attacks Moscow ahead of Victory Day Parade escalate geopolitical risks, bolstering gold's rally.Note
The possibility of gold rising to $5,000 would increase expectations for Bitcoin, with historical trends suggesting BTC price will rise to $155,000 or higher if conditions are right.
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🧩Get an average of 1200 pips per month
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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.