On April 25, today, Thursday, the opening of gold was affected by the efforts to stop the decline in late overnight trading, and the downward trend slowed down and stopped falling. The U.S. dollar index rebounded in early trading due to the weakening of short-term moving average pressure, which provided support for it; however, overall, There is still some room for decline in the daily chart of the U.S. dollar index. We need to pay attention to the mid-line support. The weekly chart is also expected to fall further and hit the 5-week or 10-week moving average support before rebounding again. Therefore, for the gold price, it will stop its decline in the short term. rebounded and then fell into a consolidation pattern.
The 10-year U.S. bond yield has clear bullish prospects and signals in the daily, weekly and monthly charts, which will limit the bullish momentum of gold prices. Therefore, the gold price outlook will be volatile and weak.
Pay attention to the range formed by the upper and lower rails of the Bollinger Bands on the daily chart.
According to Wolfinance star analyst Zhang Yaoxi\’s remarks, the day will focus on the number of initial jobless claims in the United States in the week to April 20 (thousands of people), the initial value of the annualized quarterly rate of real GDP in the United States in the first quarter, and the initial value of the annualized quarterly rate of real GDP in the United States in the first quarter. Data such as the initial quarterly rate of actual personal consumption expenditures and the monthly rate of U.S. existing home contracted sales index in March are expected to be positive for gold prices, and attention will be paid to the strength of the rebound brought about by the data.
Daily Chart: The price of gold shot higher yesterday and closed in a downward trend. Compared with the day before, it also closed in a downward trend again. In addition, the ZZ indicator has already shown that it has fallen back and bottomed out. Therefore, there is a risk of rebounding and strengthening at any time, but the main chart still faces the risk of rebounding. The short-term moving average pressure, the indicators in the attached picture maintain the development of bearish signals, and the Bollinger Bands also tend to shrink. The market outlook may fall into range consolidation for several weeks before strengthening again.
Just pay attention to the range-breaking market formed by the upper and lower Bollinger Bands and follow the trend.
During the day, you can operate with short periods such as 4 hours and 1 hour.
Gold: At the bottom, focus on the support near $2310 and the support near $2300; at the top, focus on the resistance near $2328 and $2342; Support; Crude oil: WTI crude oil encountered resistance and closed down yesterday. As market concerns about conflicts in the Middle East eased and U.S. business activities slowed down, the trend maintained a downward trend without breaking through. However, the unexpected decline in U.S. crude oil inventories provided certain support for oil prices. , finally closing down 0.69% at $82.75/barrel; On Thursday today, oil prices opened under pressure and performed weakly, although the decline in U.S. crude oil inventories restrained the decline in oil prices.
U.S. business activity has slowed as worries about conflicts in the Middle East ease, and electric vehicle sales are set to grow strongly in 2024, increasingly weakening oil demand, while technical pressures are also keeping it under pressure and could weaken in the This could lower the price of oil by another $5-10 per barrel in the coming months.
Technically, although the daily chart trend bottomed out near the 200-day moving average support, it has not broken through the recent downward trend pressure, making it expected to fall into shock or fall back again in the short term. The weekly chart is also expected to fall to near the mid-line. Then look for a bullish rebound.
Therefore, the short-term trend is still at risk of being under pressure.
Pay attention to the strength of the pullback before going bullish.
At the bottom, focus on the support near 81.80 and 81.420 US dollars/barrel; on the top, focus on the resistance near 82.70 and 83.10 US dollars/barrel;
