Gold price increased nearly 2,320 USD, waiting for US GDP data

Gold prices recovered losses but remained near $2,320 early Thursday. Fresh weakness in the US Dollar and US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold prices remain vulnerable amid Middle East escalation, waiting for US Q1 GDP data.

Gold prices steadied on Wednesday below the key 21-day simple moving average (SMA), then at $2,318, reinforcing bearish concerns.

However, the 14-day Relative Strength Index (RSI), a leading indicator, remains above the midline, near 56.00, suggesting that a new bearish Gold price could be considered a position. Good input position for buyers.

If Gold sellers regain control, Gold prices could challenge $2,300 once again, below which Tuesday's low of $2,291 would be targeted. The last line of defense for Gold buyers could be the early April low near $2,265.

On the downside, a sustained recovery above the 21-day SMA support-resistance, currently at $2,324, could revive bullish engagements to test the psychological $2,350 level.

Further out, Gold buyers will target static resistance near $2,360-$2,365.

🌐GOLD PLAN 4/25

Gold is running in wave 4 Elliott with the price range 2336 - 2312.
Breakout 2312 => maintaining wave 5
Breakout and close the candle above 2341 => broken wave

Resistance: 2334 -2340 - 2350 - 2368
Support: 2305 - 2288 - 2269 - 2263

🔴SELL price range 2339 - 2341 stop 2345
BUY price range 2270 - 2268 stop 2264

Scalping strategies will be applied when the resistance - support areas above have entry signals.

Note: Full TP, SL to be safe and win the market‼️

Trade active:

Plan SELL + 40pips, close a part move SL to entry.🔥

Trade active:

Plan SELL HIT TP1 +100pips. Heading to TP2 😵😵😵

Trade closed: target reached:

Plan SELL Hit Full TP2 + 120pips🤕🤕🤕. Congratulations everyone

Comment:

🔹The World Bank warns of the repercussions of tensions in the Middle East and their impact on initiatives to address inflation, delaying interest cuts and increasing food insecurity.

Comment:

If XAUUSD continues to rise, the price could retest the resistance at $2,400 per troy ounce.
✅ However, failure to hold above $2,300 per troy ounce could indicate a return to $2,200 per troy ounce.

Comment:

There is still plenty of time before the official preliminary estimates of GDP are released by the US Census Bureau, and the Federal Reserve Bank of Atlanta had expected growth in the first quarter of the year to reach 2.7%, and yesterday’s estimated reading showed that the US The United States recorded growth of about 1.6% during the first quarter.

Comment:

Early on the morning of May 2, there will be the FED's interest rate decision, accompanied by the FOMC meeting.

According to CME FED Watch's forecast rate, the possibility of remaining unchanged is high.

This is not new, but what is important is the content of the meeting, what the Fed will say.

So currently, before the FOMC takes place, DXY will only sideways the H4 amplitude. The support zone 105.4 and 105.5 will still be a good support

Comment:

ADP Nonfarm Employment Change: 192K (Forecast: 179K. Previous: 184K)