XAUUSD 29 April - 3 May 2024
Let's recap the gold prices from last week and strategize for the upcoming week.
Overall, there was no surprising volatility in gold last week, as it adjusted from 2400 to 2338. This decrease followed the expected cyclical pattern in gold's movement, so there is no immediate reason to worry about this metal.
In the past couple of days, gold has once again recovered as buyers successfully defended the support level around 2300. Although this did not lead to any breakthroughs like we saw in previous price increases, it still demonstrates the strong strength of the upward trend.
Data released on Friday showed that the US personal consumption expenditures (PCE) price index rose 0.3% last month, an increase in line with forecasts. Experts say that this increase is unlikely to change expectations that the US Federal Reserve (FED) will continue to maintain tightening policy until September.
While data continues to suggest inflation remains “persistent,” gold's reaction suggests the market has priced in this.
Looking ahead: The Fed is facing a challenging environment as inflation remains “persistent” and economic activity begins to weaken. Inflation data is released 1 day after first quarter GDP data. This year, the US economy has seen its slowest growth rate in nearly 2 years.
Regarding impact news: when faced with a stagflation environment, the US Central Bank will likely ignore rising inflation and focus on supporting the economy.
Currently, gold prices are being supported by the net buying trend of gold by central banks and the large physical gold demand of Chinese and Indian consumers, thereby supporting gold. It is expected that next week gold will reach 2400.
Next week's standout economic news that could affect gold prices is the Fed's monetary policy decision on Wednesday; US Non-Farm Employment Change report on Friday.
Gold prices may rebound if US inflation weakens.
Long-term outlook: Gold continues its upward trajectory, with a favorable target of 2500. Short-term outlook: The precious metal has established a new support level, showing signs of convergence with the support line. Therefore, we can anticipate the possibility of price increases in the new trading week when the market reopens.
If Gold breaks the 2290 zone we will be looking for sells and look for the levels underneath this zone.
I will keep you all updated with regular updates throughout the week. Don't forget to like, comment and follow to support me, i really appreciate it!
I wish you a good week, trade with a stop loss and I hope you all get rich!
Overall, there was no surprising volatility in gold last week, as it adjusted from 2400 to 2338. This decrease followed the expected cyclical pattern in gold's movement, so there is no immediate reason to worry about this metal.
In the past couple of days, gold has once again recovered as buyers successfully defended the support level around 2300. Although this did not lead to any breakthroughs like we saw in previous price increases, it still demonstrates the strong strength of the upward trend.
Data released on Friday showed that the US personal consumption expenditures (PCE) price index rose 0.3% last month, an increase in line with forecasts. Experts say that this increase is unlikely to change expectations that the US Federal Reserve (FED) will continue to maintain tightening policy until September.
While data continues to suggest inflation remains “persistent,” gold's reaction suggests the market has priced in this.
Looking ahead: The Fed is facing a challenging environment as inflation remains “persistent” and economic activity begins to weaken. Inflation data is released 1 day after first quarter GDP data. This year, the US economy has seen its slowest growth rate in nearly 2 years.
Regarding impact news: when faced with a stagflation environment, the US Central Bank will likely ignore rising inflation and focus on supporting the economy.
Currently, gold prices are being supported by the net buying trend of gold by central banks and the large physical gold demand of Chinese and Indian consumers, thereby supporting gold. It is expected that next week gold will reach 2400.
Next week's standout economic news that could affect gold prices is the Fed's monetary policy decision on Wednesday; US Non-Farm Employment Change report on Friday.
Gold prices may rebound if US inflation weakens.
Long-term outlook: Gold continues its upward trajectory, with a favorable target of 2500. Short-term outlook: The precious metal has established a new support level, showing signs of convergence with the support line. Therefore, we can anticipate the possibility of price increases in the new trading week when the market reopens.
If Gold breaks the 2290 zone we will be looking for sells and look for the levels underneath this zone.
I will keep you all updated with regular updates throughout the week. Don't forget to like, comment and follow to support me, i really appreciate it!
I wish you a good week, trade with a stop loss and I hope you all get rich!
Trade active:
Today TP1 almost hit but we got some good trades in these zones as well. Currently we are in a sell from 2345 waiting on our first TP 2332,50 looking forward to 2328 zone.
Let’s see what gold does for us tomorrow.
Let’s see what gold does for us tomorrow.
Trade active:
Buy from 2300
Comment:
Did we hit the bottom now at 2291??
Comment:
Finally it appears Bulls are interested in gold. Gold needs te break our entry prices in order to confirm the bullish movement.
But looking at the charts alone gold may drop some more. At the moment we wait.
But looking at the charts alone gold may drop some more. At the moment we wait.
Comment:
Bulls are back in the game! Got a buy from 2284
Trade active:
Looking for 2318
Comment:
Closed everything on 2320 💯 it was a good day
Comment:
Gold is not willing to close underneath the selling zone so we keep waiting for strong signs of bullishness.
Comment:
Again looking for buys at the 2300 zone.
Comment:
Today we passed a 100K Challenge! We got buys from 2300 to 2318 again and it was enough to complete the challenge. We are done for this week! I am closing this trade week and I look forward to sharing the analyzes for 6 - 10 May this weekend. Have a nice weekend and I hope you all get rich!
Comment:
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