Gold attempts to lift off of support at $2320

XAUUSD ANALYSIS
- Now that the risk of a broader conflict in the Middle East has subsided, gold attempts bulls look to a softer dollar to prop up prices
- Gold (XAU/USD) attempts to lift off of support at $2320

XAUUSD BULLS LOOKS FOR INSPIRATION IN THE DOLLAR AFTER TENSIONS SUBSIDE
Implied gold volatility (GVZ) has experienced a notable drop now that the risk of a broader conflict in the Middle East has subsided massively. As a natural result, gold prices have pulled back but remain at elevated levels. Gold bulls may be looking to a slightly weaker dollar in anticipation of a bullish continuation for the metal but in recent weeks, gold has appeared detached from its usual inverse relationship with the greenback as the two have risen together.

XAUUSD ATTEMPTS TO LIFT OFF SUPPORT AT $2320
Gold, after spending a significant amount of time in overbought territory, has cooled and declined towards the $2320 level where it has oscillated. With a reduced safe haven appeal, the gold market appears to be in search of the next bullish, or even bearish, catalyst.

US data has revealed early signs of vulnerability which could affect US yields and the dollar if major data points follow suit but for now the dollar still remains strong, with rate cut bets being pushed further and further out.

$2320 may offer a launchpad for gold if price action unfolds in a similar way to what developed back in March after printing a new all-time high and consolidating along $2146.80 (prior all-time high) before the next leg higher.

However, should bears take over from here, $2222 appears as the nearest level of support before the 50-day simple moving average (SMA) emerges around $2200 flat. Today’s GDP miss and the disappointing flash PMIs have opened the door to weaker US data. Something to keep an eye on in the future.

🌐GOLD PLAN 4/26

Resistance: 2347 -2355 - 2365 - 2380
Support: 2302 - 2295 - 2288 - 2269 - 2263

🔴SELL price range 2347 - 2349 stop 2353
🟢BUY price range 2302 - 2300 stop 2296

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 closed: target reached:

Plan SELL Hit Full TP2 + 190pips🤕🤕🤕. Congratulations everyone

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:

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)

Comment:

🟢Federal Reserve Chair Jerome Powell said it was unlikely that the central bank’s next move will be a rate hike. The comment spurred a rally for the three major averages, with the Dow surging more than 500 points in its session high. Central bank policymakers kept rates steady at the conclusion of their May meeting, holding at a range of 5.25% to 5.5%.