JackBlackwell Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
In early trading on Thursday, gold prices fell below yesterday's low, falling as low as around 2305, and then continued to rebound. It seems that 2300 is the defensive psychological price of bulls and is unlikely to fall below easily. Gold’s daily chart shows it has entered a consolidation phase. After the retracement that began on Monday, gold prices once fell below the 2,300 mark, but the overall decline did not last, which means that the short-term power is only short-lived. I also mentioned this in yesterday's analysis.

Although the daily line has continued to close the negative line, there is no clear short signal, so this market is destined to not be unilateral. Just like the Asian market rebounded after retracing to 2305 today, it shows the lack of continuity of momentum. Therefore, the market is likely to return to the daily consolidation state. Relatively speaking, this kind of market is easier to layout and operate.

Today, we focus on the high point suppression area of 2335-2337. The revised daily moving average suppression is also basically the same. The 4-hour trend of the Asian market shows a rebound from the bottom, and the current rebound to test the 2335-2340 area is more likely. Therefore, we can consider shorting in the 2330-2335 range, while the strong support is at 2290-2295, which is the position for subsequent longs.

On the whole, today's short-term operation recommendations for gold are mainly to go short on rebounds, supplemented by longs on callbacks. The upper part focuses on the resistance range of 2330-2335, and the lower part focuses on the support range of 2290-2295.
After gold fell near 2305 in the morning on Thursday (April 25), the European market continued to rebound and is now close to the upper chip concentration area of 2328-2332 last night. This may be the key short-term position above; and the previous imbalanced position of long and short orders 2322.40 is still a level that needs attention.

There are several important data that the gold market needs to pay attention to, including US first quarter GDP and initial jobless claims data. Looking back at the economic performance in the first quarter, the manufacturing industry has declined severely, but inflation has risen sharply.
This makes me not optimistic about the published value of GDP in the first quarter. From the market expectation, it is 2.4%, which is obviously 10 basis points lower than the expected value. Such a rise in inflation is negative for gold in the short term, and there is a high probability that it will fall under pressure near 2330. But at the same time, we must also take into account that after the surge in inflation, the market's expectations for future interest rate cuts by the Federal Reserve have slowed down, leading to a decline in enthusiasm for interest rate cuts and the disappearance of risk aversion. There is a high probability that gold prices will accelerate their decline tonight or tomorrow night. U.S. government bond yields rose on Wednesday as traders await key economic data to be released on Thursday and Friday for further clues about the Federal Reserve's policy. The main economic focus this week will be first-quarter gross domestic product (GDP) data on Thursday and March personal consumption expenditures (PCE) price index on Friday. Previously released consumer price inflation data for March were higher than expected, causing people to postpone expectations for when the Federal Reserve will start to cut interest rates. Economic experts currently predict that the most likely time for the Federal Reserve's first interest rate cut will be September.
Gold Trading Strategies Reference
🎯Strategy 1: Go short when gold rebounds to around 2330-2335, stop loss 6 points, target around 2315-2305, break the position and look at the 2295 line✅
🎯Strategy 2: Go long when gold pulls back to around 2290-2295, stop loss 6 points, target around 2305-2315, break the position and look at the 2320 line✅
DONE HIT Strategy 1🚀🚀🚀
During the European and American trading hours, gold hit a slight bottom and then rose. At present, on the 4-hour level, the price is coming out of the previous shock range, the technical form has also begun to gradually adjust and complete, and the short-term trend is gradually strengthening. In the short term, we will pay attention to the pressure level near 2365, and in the late trading, we will pay attention to whether there will be a second pull-up after the confirmation of the retracement. Judging from the 1-hour chart, the lower support level focuses on 2317 points, and the upper pressure level focuses on yesterday's high point of 2337. If it breaks through 2337, a double bottom will be formed on the 1-hour chart, and the upper space will be further opened in the evening. For the market on Friday, we will focus on the support of 2317 below. If gold prices can stabilize at this point, the market outlook is expected to hit 2350. If Friday moves strongly, it could even hit 2363.

Gold Trading Strategies Reference
🎯Strategy 1: Go short when gold rebounds to around 2350-2354, stop loss 6 points, target around 2335-2325, break the position and look at the 2315 line✅
🎯Strategy 2: Go long when the gold pulls back around 2317-2320, stop loss 6 points, target around 2335-2350, break the position and look at 2363 line✅

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