See also
Early in the American session, gold is trading around the 3,310 level, where it is located at the 21SMA and within a symmetrical triangle pattern formed on April 23. Consolidation is likely in the coming days until we wait for a significant announcement.
Regarding this news, the US president will announce the auto tariffs. The rumor in the markets is that Trump will ease the auto tariffs, which would reduce demand for gold. This, in turn, could mean a drop in the gold price, and we could expect it to reach the psychological level of $3,000.
The H4 chart shows that gold is preparing for a strong move. If it breaks below 3,281, the outlook could be bearish, or it could fall towards the 200 EMA located at 3,162 and eventually reach 4/8 of the Murray around 3,125.
Conversely, if gold breaks the symmetrical triangle trend channel and consolidates above 3,359, we could expect it to reach the psychological level of 3,500 and could even reach +1/8 of the Murray at 3,515.
The Eagle indicator is showing an oversold signal, but there is still a chance of further declines, so any technical rebound will be seen as a signal to sell.
You have already liked this post today
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
On the hourly chart, the GBP/USD pair on Wednesday consolidated above the weak 161.8% retracement level at 1.3520. This consolidation allows for expectations of continued growth toward the next retracement
With the condition of the Stochastic Oscillator indicator at the Overbought level and a Divergence appears between the indicator and the Nasdaq 100 index price movement, so that
The eagle indicator is showing a negative signal for the euro, suggesting a possible fall in the coming days. Therefore, our outlook remains bearish as long as the price consolidates
On the other hand, if bullish strength prevails, we could expect a technical rebound around 3,355. This area has provided gold with a good rebounding point in the past
E-mail/SMS
notifications
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.