Middle East has few new points, GOLD adjusts

During the Asian session on Monday (April 22), spot gold had a gap and opened lower, falling to a low of $2,370/ounce as of press time. Gold is mainly under pressure because tensions around Israel and Iran appear to have cooled, which has eased risk aversion, thus putting pressure on gold prices.

On April 19 local time, Israeli Army Radio said Israeli security officials confirmed that Israel had launched an attack on Iran.
Iranian state television on April 19 confirmed that an air defense system specifically designed to intercept drones east of Isfahan, Iran, intercepted three small drones that day.
According to local military officials in Isfahan, this interception did not cause any casualties or damage.
A senior Iranian official told Reuters on January 19 that reports of Israeli attacks on targets in Iran had not yet been confirmed and that Iran had no immediate plans to retaliate against Israel.
According to the report, the above mentioned senior Iranian officials also expressed doubts about whether Israel was responsible. Iran: “Foreign sources about the incident have not yet been confirmed. We have not suffered any external attacks and discussions on this issue are more about infiltration than attack.”
According to Reuters, Israeli leaders and the military remained silent. Iranian media's reaction to the attack was also silent.

There are no new points in the development of geopolitical conflicts, all attacks are just in the media "literally called gangsters". There are no new points and no risk of escalation. Gold will be under selling pressure because it is considered a safe haven asset during market periods with many risks and especially geopolitical risks.

On Thursday, the US Bureau of Economic Analysis (BEA) will release first-quarter gross domestic product (GDP) data. If US GDP data is stronger than expected, the US dollar could hold its ground and put pressure on gold.
Surveys show that the initial quarterly real GDP rate in the United States in the first quarter is expected to increase 2.1%.

According to CME Group's "FedWatch" tool, there is a less than 20% chance that the Fed will cut its policy rate by 25 basis points in June.
On Friday, the US will release data on the personal consumption expenditures (PCE) price index for March, the Fed's preferred measure of inflation.
The core U.S. PCE price index in March is expected to rise at an annual rate of 2.6%, compared with a 2.5% gain in February.

Analysis of technical prospects for XAUUSD
On the daily chart, after gold dropped significantly this morning, it again received support from the technical level of $2,365. Note to readers in the previous issue and was limited by this level. .
Temporarily, gold still has enough conditions to increase in price technically as the short-term uptrend remains stable with the price channel and support level at the technical point of 2,365 USD. Maintaining above 2,365 USD gives gold the ability to retest the 1% Fibonacci level at 2,382 USD.
However, a break below $2,365 would open the door for a broader bearish correction with the target level then likely to be the 0.786% Fibonacci extension.

Support: 2,336USD
Resistance: 2,358 – 2,382 – 2,400 – 2,417 – 2,431USD

🪙SELL XAUUSD | 2414 - 2412

⚰️SL: 2418

⬆️TP1: 2407
⬆️TP2: 2402

🪙BUY XAUUSD | 2335 - 2337

⚰️SL: 2331

⬆️TP1: 2342
⬆️TP2: 2347

Comment:

Easing concerns about widespread conflict in the Middle East have boosted investors' risk appetite, reducing safe-haven demand for gold bars. Besides, the wave of selling to take profits when gold prices rose to a record high is also the reason why gold plummeted today.

Comment:

Gold bars are trading near $2,300 per ounce after falling nearly 3% in the first two sessions of the week as easing tensions in the Middle East reduced safe-haven demand.

Comment:

Gold increased slightly to $2,330

After falling sharply to $2,300 yesterday, gold is currently up 0.34% to $2,330 today.

Comment:

Traders now expect only one or two rate cuts this year. This represents a significant disappointment from the six cuts that were expected at the beginning of the year and the three that Fed officials expected in March. While some investors and economists expect that no cuts will be made at all this year.

Comment:

Gold prices are still struggling to regain recent upward momentum and are currently trading around a narrow range from $2,311 to 2,330. The reason for this partly comes from the cautious psychology of traders before important US economic data is released.

Comment:

Gold recovered to $2,326/oz and continued to trade within a range

Comment:

Gold prices have now recovered after falling sharply following last night's US GDP data and the precious metal is currently trading around $2,330. Although gold's upward momentum has weakened when the RSI indicator on the daily chart returned below the 60.00 threshold, the uptrend of XAU/USD is still maintained as the price is still above the short-term SMA lines. .

Comment:

✅ XAUUSD has dropped significantly since the beginning of the week after failing to close above 2,400 USD per troy ounce. The price dropped to the psychological support level of 2,300 USD/troy ounce but rebounded to form a Hammer candle, showing the possibility of recovery.

Comment:

🔴The Federal Reserve Bank of Atlanta announces its growth estimates for the second quarter

The US Federal Reserve Bank of Atlanta announced its preliminary estimates of the GDP growth rate during the second quarter of 2024, according to the Federal Reserve Bank of Atlanta's GDP forecasting model, and growth estimates in the second quarter came at 3.9%.