After US President Trump hinted that tariffs on China could be reduced and that he had no intention of removing Federal Reserve Chairman Powell, the market's risk-off sentiment cooled and international gold prices fell on Wednesday (April 23) before recovering slightly in early trading today, Thursday (April 24).
Last night, Trump made some important comments, not only clearly showing a softer stance on China but also making it clear that he had no intention of removing Federal Reserve Chairman Powell (in fact, he has no authority to do so).
The current bullish cycle in
XAUUSD is largely driven by the market pricing in the risk of “stagflation”, but as this risk is gradually eliminated, gold could see a significant correction.
Looking at the big picture, gold remains in an uptrend as real yields are likely to continue to fall amid the Fed’s easing policy. But in the short term, if positive tariff news continues to emerge, gold could fall further and the market will adjust to the new environment.
Earlier, after days of harsh criticism of the Federal Reserve for not cutting interest rates, Trump withdrew his threat to fire Chairman Powell. At the same time, he also expressed confidence in reaching a deal with China to significantly reduce import tariffs from China, but also warned that "if they don't make a deal, we'll make a deal."
Meanwhile, the International Monetary Fund (IMF) on Tuesday cut its forecast for global and US economic growth this year, citing Trump's tariff policies as the main reason for the downgrade.
As a traditional safe-haven asset, gold has set new historical highs several times since the beginning of 2025, with a cumulative increase of more than 26%.
Technical Outlook AnalysisXAUUSD
After 2 days of significant correction, gold recovered in today's Asian trading session (24/4) with the recovery level taking the 0.382% Fibonacci retracement point as the nearest support. As noted to readers throughout the publications, gold is still in an uptrend with the price channel as the main trend and the main support from the EMA21, as long as the price decline does not break below the above supports, it should only be considered a short-term correction or a buying opportunity.
As of now, gold is trading around $3,333/oz, up 1.38% on the day and around $45 and the upside momentum is expected to test the 0.236% Fibonacci retracement level followed by $3,430.
For the day, the main technical outlook for gold is bullish recovery, and the notable positions are listed as follows.
Support: $3,300 – $3,292 – $3,245
Resistance: $3,371 – $3,430
SELL XAUUSD PRICE 3383 - 3381⚡️
↠↠ Stop Loss 3387
→Take Profit 1 3375
↨
→Take Profit 2 3369
BUY XAUUSD PRICE 3206 - 3208⚡️
↠↠ Stop Loss 3202
→Take Profit 1 3214
↨
→Take Profit 2 3220
Last night, Trump made some important comments, not only clearly showing a softer stance on China but also making it clear that he had no intention of removing Federal Reserve Chairman Powell (in fact, he has no authority to do so).
The current bullish cycle in
XAUUSD is largely driven by the market pricing in the risk of “stagflation”, but as this risk is gradually eliminated, gold could see a significant correction. Looking at the big picture, gold remains in an uptrend as real yields are likely to continue to fall amid the Fed’s easing policy. But in the short term, if positive tariff news continues to emerge, gold could fall further and the market will adjust to the new environment.
Earlier, after days of harsh criticism of the Federal Reserve for not cutting interest rates, Trump withdrew his threat to fire Chairman Powell. At the same time, he also expressed confidence in reaching a deal with China to significantly reduce import tariffs from China, but also warned that "if they don't make a deal, we'll make a deal."
Meanwhile, the International Monetary Fund (IMF) on Tuesday cut its forecast for global and US economic growth this year, citing Trump's tariff policies as the main reason for the downgrade.
As a traditional safe-haven asset, gold has set new historical highs several times since the beginning of 2025, with a cumulative increase of more than 26%.
Technical Outlook Analysis
XAUUSD After 2 days of significant correction, gold recovered in today's Asian trading session (24/4) with the recovery level taking the 0.382% Fibonacci retracement point as the nearest support. As noted to readers throughout the publications, gold is still in an uptrend with the price channel as the main trend and the main support from the EMA21, as long as the price decline does not break below the above supports, it should only be considered a short-term correction or a buying opportunity.
As of now, gold is trading around $3,333/oz, up 1.38% on the day and around $45 and the upside momentum is expected to test the 0.236% Fibonacci retracement level followed by $3,430.
For the day, the main technical outlook for gold is bullish recovery, and the notable positions are listed as follows.
Support: $3,300 – $3,292 – $3,245
Resistance: $3,371 – $3,430
SELL XAUUSD PRICE 3383 - 3381⚡️
↠↠ Stop Loss 3387
→Take Profit 1 3375
↨
→Take Profit 2 3369
BUY XAUUSD PRICE 3206 - 3208⚡️
↠↠ Stop Loss 3202
→Take Profit 1 3214
↨
→Take Profit 2 3220
Note
🔴 USInitial jobless claims for the week ending April 19 222,000, expected 222,000, previous value from 215,000 revised to 216,000.Note
🔴SPDR Gold Trust, the world's largest gold ETF, fell 0.58 tonnes from the previous session. Its current position is 948.56 tonnes.Note
Note
🔴Gold has fallen sharply and is now back below $3,290 per ounce, down 1.77% on the day.Note
🔴SPOT gold fell below $3,270 an ounce, down 2.37% on the day.Spot silver fell below $33 an ounce, down 1.68% on the day.Note
Gold prices are now becoming more unpredictable as the precious metal could sell off if long-term investment flows shift to other safe havens such as short-term Treasury bonds. However, when gold prices fell below the $3,300/ounce mark, strong bottom-fishing demand helped gold prices recover.
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🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
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.