Yesterday, April 25, we believed that the situation in the Middle East was gradually stabilizing, concerns about the escalation of conflicts had subsided, and the Federal Reserve had suppressed expectations of interest rate cuts, which put pressure on the price of gold. Gold was under pressure and fluctuated, and there was still a risk of a fall. However, considering that the Federal Reserve will Interest rates will be cut at this time, and the situation in the Middle East is still tense. The bargain hunting of gold may limit the downward trend of gold prices. Therefore, it is recommended to treat the operation in a volatile manner. The upper pressure will focus on $2,324, followed by $2,334. The lower support will focus on $2,314, followed by 2,300. Dollar.
Judging from the subsequent trend, before the U.S. market opened, gold fluctuated and came under pressure, falling as low as $2,311. After the U.S. market opened, gold fluctuated and rebounded, rising to a maximum of $2,337. After encountering resistance, gold fluctuated and fell back, falling to $2,313 and stabilizing.
At the opening of trading on Thursday, gold rebounded slightly, rising to $2,322 but encountering resistance. The price of gold plunged during the session, falling to $2,304, and is currently trading at $2,309.
Overall, gold is basically between the support and pressure levels we have given, remaining under pressure and fluctuating, and there is still a risk of a pullback in the short term.
Wolfinance star analysts believe that the situation in the Middle East is gradually stabilizing, which has weakened the market\’s concerns about the escalation of the conflict between Iran and Israel, which has weakened the safe-haven demand for gold and put pressure on gold. At the same time, the market focus has weakened on geopolitical risks. After that, it began to turn to the Federal Reserve\’s monetary policy. Considering that Federal Reserve officials have recently made intensive statements that there is no urgency to cut interest rates and may maintain restrictive monetary policies for a longer period of time, this also puts pressure on gold.
Looking forward to the market outlook, if the situation in the Middle East remains stable, U.S. economic data and Fed officials\’ speeches may affect the short-term fluctuations of gold. Once the situation in the Middle East escalates, it may attract market targets again. At this time, geopolitical concerns may push up gold prices.
In addition to intraday news, attention will mainly be paid to the U.S. first-quarter GDP data, personal consumption expenditures and core PCE data in the evening. Among them, the first-quarter PCE data is expected to be much higher than the previous value, which may suppress interest rate cut expectations and be detrimental to gold prices.
On the daily chart, gold fell below the short-term upward trend line on Monday, increasing short-term downside risks. Since then, gold prices have continued to fall, falling below the 5-day and 10-day moving averages in a row, setting a new record for the largest single-day decline in a year, indicating that the market\’s multi-party sentiment has weakened rapidly in the short term. Gold bottomed out and rebounded on Tuesday, but the price did not close above Monday\’s closing price. The same was true for the gold price\’s rise on Wednesday. The short-term advantage was at the short-term advantage.
The 5-day and 10-day moving averages are diverging and have a tendency to continue to cross the middle track of the Bollinger Bands. The MACD indicator is diverging, and the KDJ and RSI indicators are diverging downwards, indicating the need for gold to continue to adjust.
Gold intraday reference: Maintaining the previous view, as the situation in the Middle East gradually stabilizes, the market focus turns to the Federal Reserve\’s monetary policy. Concerns about the escalation of conflicts in the Middle East have weakened, and the expectation that the Federal Reserve will postpone interest rate cuts has put pressure on gold.
In terms of operation, it is recommended to treat it with a shock idea. The upper pressure will focus on $2,324, followed by $2,334. Gold is currently testing the support of $2,305 downwards. If it falls below this, you can focus on the half-month low of $2,291.
