- Yesterday Gold price negatively closed by 5.86 USD Per Trou Ounce, Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again.
- Today we have important Economic report for USA which is Initial Jobless Claims, It is expected that outcome will be greater than last time, if it turn out as its expect, then this forecast will be positive for Gold price.
- Today we have important Economic report for USA which is GDP (QoQ) (Q1) It is expected that outcome will be lesser than last time, if it turn out as its expect, then this forecast will be positive for Gold price.
- Today we have important Economic report for USA which is Pending Home Sales (MoM) (Mar) It is expected that outcome will be lesser than last time, if it turn out as its expect, then this forecast will be positive for Gold price.
- This Week SPDR Gold Shares holding total gold of 833.63 Tonnes.
Weekly Gold Forecast Direction : Sideways Down
- New York gold futures closed negative for a third day in a row on Wednesday after tensions in the Middle East eased. As investors keep an eye on important US economic data releases this week. To find signs indicating the interest rate direction of the Federal Reserve (Fed).
- Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
- Jim Wyckoff, analyst at Kitco Metals, said: “Gold and silver prices are entering a correction. This is because the conflict in the Middle East has begun to subside. Investors are now turning their attention to economic data and the Fed’s attitude. If the data indicates that the inflation numbers are increasing. It is difficult for the Fed to cut interest rates. And the price of gold may fall from the $2,200 level.”
- Yesterday’s gold price opened at $2322 and then gold price got sold hard and drop down to the level of $2311 before rising to close at $2315.
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XAU/USD Technical Overview
Yesterday, the gold price closed at negative 5.86 dollars. Gold price settled Wednesday below the key 21-day Simple Moving Average (SMA), then at $2,318, reinforcing bearish interests. (-) . It is recommended that traders consider opening Sell position at the level of $2,334 – $2,353 to make short-term profits and cut losses at the level of $2,353 (-). While the overall direction of gold is now moving Sideways Down, Today it is expected that gold prices will run within the support level of $2,290 and $2,280, with resistance levels at $2,330 and $2,340.
Technical View
1st Support Line 2290 1st Resistance Line 2330
2nd Support Line 2280 2nd Resistance Line 2340
Note: The above information may be inaccurate. Investors should not use this as a basis for deciding to place a trade.
