U.S. first-quarter GDP growth released on Thursday fell short of market expectations, dragging the U.S. dollar index to a nearly two-week low and helping gold prices hold on to key support.
During the day, we will focus on data such as the annual rate of the core PCE price index in March in the United States, the monthly rate of personal expenditures in the United States in March, and the University of Michigan consumer confidence index in April. Market expectations are generally positive for gold. However, whether the rebound can be sustained above the short-term moving average is one of the basis for whether it can be bullish again, otherwise it will fall into sideways trading in the range.
In the short term, if gold stands firm above 2350, it will move towards the next resistance level of 2390. Below, focus on the overall support of 2300. In terms of operation, we adopt the high-altitude, low-long approach.
During the day, we will focus on data such as the annual rate of the core PCE price index in March in the United States, the monthly rate of personal expenditures in the United States in March, and the University of Michigan consumer confidence index in April. Market expectations are generally positive for gold. However, whether the rebound can be sustained above the short-term moving average is one of the basis for whether it can be bullish again, otherwise it will fall into sideways trading in the range.
In the short term, if gold stands firm above 2350, it will move towards the next resistance level of 2390. Below, focus on the overall support of 2300. In terms of operation, we adopt the high-altitude, low-long approach.
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2330 turns into a support level. If it remains above 2330, it will continue to be bullish. If it falls below 2330, it will rebound and be bearish.
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If it continues to remain above the 2330 area, it means that its trend is still on the upward side.
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