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On Wednesday (April 23), spot gold (XAU/USD) once fell below the $3,300 mark, a significant correction from the previous historical high of nearly $3,500. The market's increased risk appetite has weakened the attractiveness of safe-haven assets in the short term. However, repeated news surrounding the direction of U.S. policy and the actions of the Federal Reserve Chairman may still sway the market in the medium to long term.
Fundamental analysis
Recently, the US has announced that the Fed chairman will no longer intervene drastically, which has boosted the sentiment of the equity market to a certain extent, causing some funds to flow out of the gold market. At the same time, the market is also evaluating the possible rhythm of subsequent policies: on the one hand, the market still has differences in expectations for the Fed's interest rate cuts in the next few months; on the other hand, the continued phenomenon of repeated policy positions in the United States has led to inconsistent views on the macroeconomic outlook. Affected by the above factors, gold prices saw profit-taking after rising sharply to around $3,500 in the early stage.
At the same time, the performance of some economic data remains to be observed, especially the various US PMIs and subsequent speeches by officials, which will further provide potential triggers for gold price fluctuations. In general, fundamental factors currently tend to put pressure on gold prices in the short term, but if new uncertainties arise in subsequent US policy adjustments, it may still provide a new round of support for gold.
Technical analyst interpretation:
Hourly chart: Gold prices have gradually fallen from a high of $3499.83, and the short-term trend is clearly suppressed by a downward trend line, and once touched the support area near $3291.62. The MACD indicator fast and slow lines cross the zero axis, and the bar chart shows a large green column, suggesting that short-term momentum is still bearish. The relative strength index (RSI) fluctuates in the low area, indicating that the selling pressure is heavy in the short term but has approached a certain oversold level. The average true range (ATR) has been enlarged, indicating that the volatility has increased in the short cycle, and it is necessary to be vigilant about the possibility of rapid reverse fluctuations.
Daily chart: Gold prices have climbed all the way from the staged low point, and recently climbed to a record high near $3499.83. Although there has been a certain correction since then, it is still in the overall upward channel. The current gold price is fluctuating around $3,320. If it can regain its footing above $3,380.00 in the future, it may have a chance to hit $3,500. On the contrary, if it further breaks below the $3,230.00 level, it may trigger a larger level of long position liquidation. Indicators such as MACD and RSI remain strong at the daily level, but the Bollinger Bands show that the bandwidth has expanded, suggesting that the volatility at the daily level will continue to increase.
Market sentiment observation
From the perspective of market sentiment, the strong rise in gold prices in the previous period mainly relied on risk aversion demand and speculation about subsequent monetary easing. However, short-term trends have led to some profit-making selling of safe-haven assets due to the recovery of the equity market. This change in sentiment reflects the current market's optimism and caution about the US macroeconomic environment: once risk appetite weakens again, gold may be supported again; if risk appetite continues to rise, gold prices may continue to retreat.
Overall, the market is in a state of repeated game, and sudden news can easily lead to large fluctuations in gold prices, and we need to continue to pay attention to the evolution of risk sentiment.
Outlook for the future
Short-term outlook: In the case of short-term technical signals of bearish continuation, gold prices may remain weak, and the support around $3,300 and $3,230.00 is worth paying attention to. If volatility further increases, it is possible that prices will rebound quickly or bottom out rapidly.
XAUUSD GOLD XAUUSD GOLD XAUUSD XAUUSD XAUUSD GOLD
On Wednesday (April 23), spot gold (XAU/USD) once fell below the $3,300 mark, a significant correction from the previous historical high of nearly $3,500. The market's increased risk appetite has weakened the attractiveness of safe-haven assets in the short term. However, repeated news surrounding the direction of U.S. policy and the actions of the Federal Reserve Chairman may still sway the market in the medium to long term.
Fundamental analysis
Recently, the US has announced that the Fed chairman will no longer intervene drastically, which has boosted the sentiment of the equity market to a certain extent, causing some funds to flow out of the gold market. At the same time, the market is also evaluating the possible rhythm of subsequent policies: on the one hand, the market still has differences in expectations for the Fed's interest rate cuts in the next few months; on the other hand, the continued phenomenon of repeated policy positions in the United States has led to inconsistent views on the macroeconomic outlook. Affected by the above factors, gold prices saw profit-taking after rising sharply to around $3,500 in the early stage.
At the same time, the performance of some economic data remains to be observed, especially the various US PMIs and subsequent speeches by officials, which will further provide potential triggers for gold price fluctuations. In general, fundamental factors currently tend to put pressure on gold prices in the short term, but if new uncertainties arise in subsequent US policy adjustments, it may still provide a new round of support for gold.
Technical analyst interpretation:
Hourly chart: Gold prices have gradually fallen from a high of $3499.83, and the short-term trend is clearly suppressed by a downward trend line, and once touched the support area near $3291.62. The MACD indicator fast and slow lines cross the zero axis, and the bar chart shows a large green column, suggesting that short-term momentum is still bearish. The relative strength index (RSI) fluctuates in the low area, indicating that the selling pressure is heavy in the short term but has approached a certain oversold level. The average true range (ATR) has been enlarged, indicating that the volatility has increased in the short cycle, and it is necessary to be vigilant about the possibility of rapid reverse fluctuations.
Daily chart: Gold prices have climbed all the way from the staged low point, and recently climbed to a record high near $3499.83. Although there has been a certain correction since then, it is still in the overall upward channel. The current gold price is fluctuating around $3,320. If it can regain its footing above $3,380.00 in the future, it may have a chance to hit $3,500. On the contrary, if it further breaks below the $3,230.00 level, it may trigger a larger level of long position liquidation. Indicators such as MACD and RSI remain strong at the daily level, but the Bollinger Bands show that the bandwidth has expanded, suggesting that the volatility at the daily level will continue to increase.
Market sentiment observation
From the perspective of market sentiment, the strong rise in gold prices in the previous period mainly relied on risk aversion demand and speculation about subsequent monetary easing. However, short-term trends have led to some profit-making selling of safe-haven assets due to the recovery of the equity market. This change in sentiment reflects the current market's optimism and caution about the US macroeconomic environment: once risk appetite weakens again, gold may be supported again; if risk appetite continues to rise, gold prices may continue to retreat.
Overall, the market is in a state of repeated game, and sudden news can easily lead to large fluctuations in gold prices, and we need to continue to pay attention to the evolution of risk sentiment.
Outlook for the future
Short-term outlook: In the case of short-term technical signals of bearish continuation, gold prices may remain weak, and the support around $3,300 and $3,230.00 is worth paying attention to. If volatility further increases, it is possible that prices will rebound quickly or bottom out rapidly.
XAUUSD GOLD XAUUSD GOLD XAUUSD XAUUSD XAUUSD GOLD 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Continuously release precise trading plans to lead members to expand profits, with a stable profit of 988% every month. If you have not made a profit yet, then join us. t.me/fahsufnwks
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.