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The gold market stabilized near $3030 after a decline last Friday. The news that the Trump administration may relax the original comprehensive tariffs on April 2 has made the market feel slightly relieved. It is reported that US President Trump is considering taking more targeted tariff measures, targeting specific industries in specific countries or regions, thus alleviating the market's concerns about broad reciprocal tariffs.
Technical analysis interpretation:
From the 2-hour chart, the price of gold has formed an obvious double bottom pattern after a sharp decline, with the lowest point reaching 2999.40. The price has now rebounded to the 3030 level and successfully stood on the key Fibonacci 0.382 retracement level of 3010.87, which is a positive signal. The MACD indicator shows that although the DIFF value is -2.51, the histogram is converging, suggesting that the downward momentum is weakening. The RSI indicator is in the neutral area around 52.73, showing no severe overbought or oversold conditions, providing room for prices to develop upward.
Gold showed a stronger upward momentum on the daily chart. The price has broken through the key resistance of 3025, and the 14-day RSI indicator reading is 68.33, close to the overbought area but not yet in, indicating that the upward trend still has room to continue. The MACD indicator shows that the DIFF value is 46.19 and the DEA is 40.55. The two lines are in a golden cross state, and the red columnar momentum is still there, further confirming the upward trend.
Technical analysis points to a key judgment: gold may be preparing for a new round of gains after a short-term correction. The double bottom pattern on the 2-hour chart resonates with the breakthrough on the daily chart, providing technical support for the strengthening of gold in the future.
Outlook for the future
Gold prices are likely to receive effective support in the 3010.87-3028.67 range. If it can stand firmly above 3047.02, it will be expected to challenge the recent high of 3057.28. Once this position is broken, the channel to a higher level will be opened. However, we need to be wary of the uncertainty of the Trump administration's tariff policy, which may have a volatile impact on market sentiment and gold prices. In the short term, 3010.87 will become a key support level, and if it fails, it may trigger a pullback to around 2993.
Overall, gold shows positive signals on the technical side, and fundamental risk aversion demand and central bank gold purchases continue to provide support for gold prices. The volatility of the equity market and the US dollar index will be an important external factor affecting gold prices.
GOLD XAUUSD XAUUSD XAUUSD XAUUSD
The gold market stabilized near $3030 after a decline last Friday. The news that the Trump administration may relax the original comprehensive tariffs on April 2 has made the market feel slightly relieved. It is reported that US President Trump is considering taking more targeted tariff measures, targeting specific industries in specific countries or regions, thus alleviating the market's concerns about broad reciprocal tariffs.
Technical analysis interpretation:
From the 2-hour chart, the price of gold has formed an obvious double bottom pattern after a sharp decline, with the lowest point reaching 2999.40. The price has now rebounded to the 3030 level and successfully stood on the key Fibonacci 0.382 retracement level of 3010.87, which is a positive signal. The MACD indicator shows that although the DIFF value is -2.51, the histogram is converging, suggesting that the downward momentum is weakening. The RSI indicator is in the neutral area around 52.73, showing no severe overbought or oversold conditions, providing room for prices to develop upward.
Gold showed a stronger upward momentum on the daily chart. The price has broken through the key resistance of 3025, and the 14-day RSI indicator reading is 68.33, close to the overbought area but not yet in, indicating that the upward trend still has room to continue. The MACD indicator shows that the DIFF value is 46.19 and the DEA is 40.55. The two lines are in a golden cross state, and the red columnar momentum is still there, further confirming the upward trend.
Technical analysis points to a key judgment: gold may be preparing for a new round of gains after a short-term correction. The double bottom pattern on the 2-hour chart resonates with the breakthrough on the daily chart, providing technical support for the strengthening of gold in the future.
Outlook for the future
Gold prices are likely to receive effective support in the 3010.87-3028.67 range. If it can stand firmly above 3047.02, it will be expected to challenge the recent high of 3057.28. Once this position is broken, the channel to a higher level will be opened. However, we need to be wary of the uncertainty of the Trump administration's tariff policy, which may have a volatile impact on market sentiment and gold prices. In the short term, 3010.87 will become a key support level, and if it fails, it may trigger a pullback to around 2993.
Overall, gold shows positive signals on the technical side, and fundamental risk aversion demand and central bank gold purchases continue to provide support for gold prices. The volatility of the equity market and the US dollar index will be an important external factor affecting gold prices.
GOLD XAUUSD XAUUSD XAUUSD XAUUSD Note
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✔Copy accurate trading signals✔Manage accounts🎁Stable profit of more than 188.6% per week🎁Success rate is as high as 97.85%, real-time communication: @cryptoanalyst_baker Signal entry: t.me/FcCygjylf
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.