-
Gold failed to break the roof as bears hammered the metal at $2529.
-
Profit booking pushes Gold to $2500.
-
$2500-$2490 is immediate support zone which bulls may decide to defend.
Today's early asian session witnessed sharp upmove in Gold which reached $2529 and was quickly followed by profit booking which started downward push to reach $2500 before the US session begins.
Yesterday's improved CB Consumer Confidence has taken its toll on the yellow metal and markets are looking for more clues from tomorrow's upcoming Initial Jobless Claims as well as GDP numbers that may drive some triggers for Gold short term range.
On the other hand, tensions in the middle east keep risk element on the horizon which indicates buyers are on the look out for buying every dip.
There is a possibility that the bulls may resurface at the test of $2500 and on dips around $2490 in anticipation of bullish rally to resume for retest of $2516-$2529.
If $2516-$2529 is cleared, the rally may extend to $2556.
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
Recommended Content
Editors’ Picks
Gold trades near record-high, stays within a touching distance of $3,100
Gold clings to daily gains and trades near the record-high it set above $3,080 earlier in the day. Although the data from the US showed that core PCE inflation rose at a stronger pace than expected in February, it failed to boost the USD.
EUR/USD turns positive above 1.0800
The loss of momentum in the US Dollar allows some recovery in the risk-associated universe on Friday, encouraging EUR/USD to regain the 1.0800 barrier and beyond, or daily tops.
GBP/USD picks up pace and retests 1.2960
GBP/USD now capitalises on the Greenback's knee-jerk and advances to the area of daily peaks in the 1.2960-1.2970 band, helped at the same time by auspicious results from UK Retail Sales.
Donald Trump’s tariff policies set to increase market uncertainty and risk-off sentiment
US President Donald Trump’s tariff policies are expected to escalate market uncertainty and risk-off sentiment, with the Kobeissi Letter’s post on X this week cautioning that while markets may view the April 2 tariffs as the "end of uncertainty," it anticipates increased volatility.
US: Trump's 'Liberation day' – What to expect?
Trump has so far enacted tariff changes that have lifted the trade-weighted average tariff rate on all US imports by around 5.5-6.0%-points. While re-rerouting of trade will decrease the effectiveness of tariffs over time, the current level is already close to the highest since the second world war.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.