Gold’s horizontal move ended on Friday with the breakdown of the short-term support at 3025. Since then, the critical 3000 level has been tested twice but is still holding for now. The short-term trend has turned bearish, leaving gold prices stuck between the downward pressure from above and key supports at 3000 and the 200-hour moving average.
Trump's recent softer messaging regarding the April 2 tariffs has temporarily eased upward pressure. Today's consumer confidence data will be significant, especially ahead of Friday's PCE release.
If the short-term downtrend channel holds, another attempt at the 3000 level could occur today, and a break below 3000 might intensify downward momentum.
On the upside, the immediate resistance levels to watch are the short-term downtrend line and 3030, both very close to the current price. A breakout above these levels could signal a continuation of flat move above 3000 until key economic data arrives later this week.
Trump's recent softer messaging regarding the April 2 tariffs has temporarily eased upward pressure. Today's consumer confidence data will be significant, especially ahead of Friday's PCE release.
If the short-term downtrend channel holds, another attempt at the 3000 level could occur today, and a break below 3000 might intensify downward momentum.
On the upside, the immediate resistance levels to watch are the short-term downtrend line and 3030, both very close to the current price. A breakout above these levels could signal a continuation of flat move above 3000 until key economic data arrives later this week.
Trade active
Gold break out of the downtrend and 3030 resistance. Tariff news are supporting gold.
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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.