Spot 
XAUUSD unexpectedly accelerated its decline during the Asian trading session on Monday (April 28). The current price of gold is around 3,280 USD/ounce, down more than 40 USD on the day. The price of gold has gradually decreased compared to the intraday high of 3,336.98 USD/ounce reached at the beginning of the trading session.
The easing of trade tensions between China and the United States has weakened gold’s appeal as a safe haven. Gold prices have fallen more than 5% since breaking above $3,500 an ounce last Wednesday.
The latest developments around US-China trade relations and the release of key US macroeconomic data will trigger gold’s near-term price action. Market participants will be closely watching US economic growth and employment data this week.
The latest data from the US Commodity Futures Trading Commission (CFTC) showed that hedge fund managers cut their net long positions in gold futures and options to a 14-month low.
Technical Outlook AnalysisXAUUSD
On the daily chart, gold has dropped below the raw price of $3,300 and at its current position it could continue to decline further with a short-term target of around $3,245 where the price confluences with the upper edge of the price channel.
Although gold has fallen significantly from $3,500, looking at the overall chart, gold still has bullish conditions with support from EMA21 and the rising price channel as the long-term trend. On the other hand, the down trending RSI is also approaching the 50 level, in this case the 50 level is the closest support at present, indicating that there may not be much room for decline in the short term.
Once gold is back in action above the 0.382% Fibonacci retracement level, it will be in position to rebound with a target of around $3,371 in the short term.
During the day, the bearish correction could continue but will be limited by the EMA21 and the price channel. Along with that, the bearish correction along with the main uptrend will be noticed by the following technical positions.
Support: $3,245 – $3,228 – $3,200
Resistance: $3,292 – $3,371
SELL XAUUSD PRICE 3328 - 3326⚡️
↠↠ Stop Loss 3332
→Take Profit 1 3320
↨
→Take Profit 2 3314
BUY XAUUSD PRICE 3226 - 3228⚡️
↠↠ Stop Loss 3222
→Take Profit 1 3234
↨
→Take Profit 2 3240
XAUUSD unexpectedly accelerated its decline during the Asian trading session on Monday (April 28). The current price of gold is around 3,280 USD/ounce, down more than 40 USD on the day. The price of gold has gradually decreased compared to the intraday high of 3,336.98 USD/ounce reached at the beginning of the trading session.The easing of trade tensions between China and the United States has weakened gold’s appeal as a safe haven. Gold prices have fallen more than 5% since breaking above $3,500 an ounce last Wednesday.
The latest developments around US-China trade relations and the release of key US macroeconomic data will trigger gold’s near-term price action. Market participants will be closely watching US economic growth and employment data this week.
The latest data from the US Commodity Futures Trading Commission (CFTC) showed that hedge fund managers cut their net long positions in gold futures and options to a 14-month low.
Technical Outlook Analysis
XAUUSD On the daily chart, gold has dropped below the raw price of $3,300 and at its current position it could continue to decline further with a short-term target of around $3,245 where the price confluences with the upper edge of the price channel.
Although gold has fallen significantly from $3,500, looking at the overall chart, gold still has bullish conditions with support from EMA21 and the rising price channel as the long-term trend. On the other hand, the down trending RSI is also approaching the 50 level, in this case the 50 level is the closest support at present, indicating that there may not be much room for decline in the short term.
Once gold is back in action above the 0.382% Fibonacci retracement level, it will be in position to rebound with a target of around $3,371 in the short term.
During the day, the bearish correction could continue but will be limited by the EMA21 and the price channel. Along with that, the bearish correction along with the main uptrend will be noticed by the following technical positions.
Support: $3,245 – $3,228 – $3,200
Resistance: $3,292 – $3,371
SELL XAUUSD PRICE 3328 - 3326⚡️
↠↠ Stop Loss 3332
→Take Profit 1 3320
↨
→Take Profit 2 3314
BUY XAUUSD PRICE 3226 - 3228⚡️
↠↠ Stop Loss 3222
→Take Profit 1 3234
↨
→Take Profit 2 3240
Note
🔴Gold SPOT Loses $3,270Gold SPOT continued to sink, falling below $3,270 per ounce, down 1.50% on the day.
Trade closed: stop reached
Note
🔴SPOT gold fell below $3,330 an ounce, down 0.43% on the day.Note
Note
▫️SPOT Gold opened essentially flat on Wednesday, currently at $3,309 per ounce.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%.
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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.
🔰| 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.