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On April 7, Eastern Time, the United States threatened to impose a further 50% tariff on China.
From a technical perspective, gold may continue to fall. The daily chart shows that gold prices are still trading below the 20-day simple moving average (SMA), which currently acts as a dynamic resistance level near $3033.60/oz. The 100-day and 200-day moving averages continue to move upward, far below the current gold price level; but technical indicators are vertically downward and within negative levels, and gold prices are expected to see another wave of downward movement.
In the short term, according to the 4-hour chart, the bearish case for gold prices is more obvious. The 20-period SMA turned sharply lower and remained above the 100-period SMA and 200-period SMA, while both moving averages lost bullish power. Technical indicators resumed their decline after barely correcting the early oversold conditions. The recent support level for gold is around $2956.00 per ounce, which is the high point of gold at the end of February. Once gold price falls below this support, it will open the door to a more sharp decline.
XAUUSD XAUUSD GOLD GOLD XAUUSD XAUUSD 
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✔Copy accurate trading signals✔Manage accounts🎁Stable profit of more than 210.8% per week🎁Success rate is as high as 98.55%, real-time communication: t.me/cryptoanalyst_baker
Signal entry: t.me/FcCygjylf
Signal entry: t.me/FcCygjylf
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.