GOLD new forecast
Gold prices declined for the fourth consecutive day, driven by profit-taking after a significant price rally and the need for institutional investors to liquidate holdings for cash. Attention is now turning towards upcoming U.S. economic reports for indications of potential actions by the Federal Reserve.
Since reaching an all-time high of $2,431.29 on April 12, the price of gold has dropped by over $100 and has decreased by more than 3% this week alone.
The Federal Reserve's rate-setting committee will convene from April 30 to May 1. In the meantime, U.S. first-quarter GDP data is expected later today, and the March core Personal Consumption Expenditures (PCE) Price Index will be released on Friday.
Technically:
The price reached 2305, about 20 $ dropped and already reversed to their resistance line which is 2327 and 2334
so now again it will try to touch 2302 because it still has a bearish momentum.
A further bearish phase could be triggered if it breaks below 2302, potentially falling to 2278.
Conversely, for an upward trend to be established, the price should remain stable above 2234, potentially rising to 2242 and then 2258.
Pivot Price: 2332
Resistance price: 2342, 2357, 2369
Support price: 2302, 2278, 2260
The expected trading range for today is between support 2278 and Resistance 2342
previous idea:
Gold prices declined for the fourth consecutive day, driven by profit-taking after a significant price rally and the need for institutional investors to liquidate holdings for cash. Attention is now turning towards upcoming U.S. economic reports for indications of potential actions by the Federal Reserve.
Since reaching an all-time high of $2,431.29 on April 12, the price of gold has dropped by over $100 and has decreased by more than 3% this week alone.
The Federal Reserve's rate-setting committee will convene from April 30 to May 1. In the meantime, U.S. first-quarter GDP data is expected later today, and the March core Personal Consumption Expenditures (PCE) Price Index will be released on Friday.
Technically:
The price reached 2305, about 20 $ dropped and already reversed to their resistance line which is 2327 and 2334
so now again it will try to touch 2302 because it still has a bearish momentum.
A further bearish phase could be triggered if it breaks below 2302, potentially falling to 2278.
Conversely, for an upward trend to be established, the price should remain stable above 2234, potentially rising to 2242 and then 2258.
Pivot Price: 2332
Resistance price: 2342, 2357, 2369
Support price: 2302, 2278, 2260
The expected trading range for today is between support 2278 and Resistance 2342
previous idea:
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~6 analyses per day. With a clear entry point
more than 1000 pip per week —— Accuracy +88%
SM World and Economy News 24/7
Urgent News ⚡️:
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