XAUUSD Gold has been heavily influenced by recent developments in the trade war.
A 90-day pause on tariffs (excluding China) and the exemption of smartphones and computers from tariffs were announced on friday.
These headlines may temporarily calm markets and give stocks room to rise — which typically puts pressure on gold. If Dollar is rising again, could be a side effect too.
This could lead to a short-term pullback in gold prices.
A price gap was formed around $3175.51 during the opening session on Thursday, April 10th.
After a small bounce, i expect gold to move downward to fill that gap.
A potential support level is sitting near $3156, which could act as a bounce zone.
"Next week it’s a bear inside a bull outfit."
Despite a broader bullish structure, we could see the week start with a correction. A classic gap-fill setup for the short-term traders.
RSI and MacD are on top levels, but for how long?
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This is just my personal market idea and not financial advice! 📢 Trading gold and other financial instruments carries risks – only invest what you can afford to lose. Always do your own analysis, use solid risk management, and trade responsibly.
Good luck and safe trading! 🚀📊
Note
Correction. The gap was not on thursday, it was on Friday 11 Apr opening.Note
As expected, gold stopped rising after the news about the 90-day tariff pause and the announcement of excluding smartphones and computers from tariffs on China.The last Asian sessions traded in a small range without a breakout. US sessions calmed down, and after a $245 rally to $3245, it could pull back slightly. The gap from Thursday is still open at $3176, and we might see it closed by tomorrow before dynamics come into play.
Goldprice is waiting for news! Till new announcements we see sidewards consolidation at least till tomorrow.
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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.