Updated

GOLD dropped dramatically then recovered in the short term

XAUUSD saw a short-term spike during the Asian trading session on Monday (April 7). The price of gold recovered to reach around $3,053/ounce, up $83 from the intraday low of $2,970.47/ounce reached earlier.

fell sharply after the Asian open on Monday, with gold also falling sharply as equity markets suffered a sharp sell-off.
While gold typically benefits from periods of volatility, it is more prone to sell-offs during periods of high volatility, with investors likely to sell gold to cover losses elsewhere.
The stock market sell-off has prompted investors to cover their losses. However, rising trade wars and geopolitical risks could boost safe-haven demand, supporting gold prices.

Trump Makes Shocking Claim About Stock Market Crash: "Sometimes You Have to Take Medicine"
When asked about the stock market crash, US President Trump said on Sunday local time, "Sometimes you have to take medicine."
After plunging on Thursday and Friday last week, global stock markets continued to fall on Monday, creating the worst three-day losing streak in history.

“I don’t want anything to happen, but sometimes you have to take medicine to solve the problem,” Trump told reporters on Air Force One, speaking about the economic impact of his sweeping tariffs.

“I can’t tell you what’s going to happen in the markets,” Trump said. “But our country is stronger.” According to Reuters, Trump gave no indication that he would abandon the tariff plan during his speech.

Trump also said he did not intentionally orchestrate the market sell-off. “No, it wasn’t that,” he said.
Last Friday, Trump reposted a video on his social media platform in response to the stock market crash. The video opens with the assertion: “Trump is causing the stock market crash… but he’s doing it on purpose.” Trump’s “No, he’s not” comment came hours after his economic advisers said in a Sunday television interview that the market should not expect to be rescued from the tariff-driven sell-off.

The Stock Market as well as the Gold Market are now directly piloted by Captain Trump, so keeping an eye on Trump is essential for any trader.

One comment can also break all the technical structures, and we cannot trade the market without knowing what is happening in the market. The market is 50%, the rest is now Trump and a part of the FED along with trade and geopolitical developments.

GOLD MARKET ANALYSIS AND COMMENTARY - [April 07 - April 11]

Technical Outlook Analysis XAUUSD
On the daily chart, after the gold price fell, it received support from the lower edge of the price channel, an important position of the current main uptrend.

And the recovery brought the gold price back above the EMA21 level, however, the upside momentum is also limited by the technical level of 3,056USD, pay attention to readers in the weekly publication.

In terms of momentum, the Relative Strength Index RSI approached the level of 50, which is considered a support position for the RSI and the RSI bending upwards will be considered a positive signal for the bullish recovery momentum.

During the day, the technical uptrend of the gold price is still dominant with the price channel as the main trend and the notable positions will be listed as follows.
Support: 3,019 - 3,000 - around the lower edge of the channel
Resistance: 3,056USD

SELL XAUUSD PRICE 3093 - 3091⚡️
↠↠ Stoploss 3097

→Take Profit 1 3085
↨
→Take Profit 2 3079

BUY XAUUSD PRICE 3001 - 3003⚡️
↠↠ Stoploss 2997

→Take Profit 1 3009
↨
→Take Profit 2 3015

Note

Gold prices pared earlier losses on Monday, as some safe-haven demand returned and strong central bank buying supported prices after the metal fell to its lowest in more than three weeks. Analysts, meanwhile, remained bullish on the precious metal.

Trade active

Plan BUY HIT TP1 +85pips. Heading to TP2 😵😵😵

Trade closed: target reached

Hit Full TP2 + 120pips🤕🤕🤕. Congratulations everyone

Note

🔴Spot gold prices briefly returned to $3,000/ounce, up 0.59% on the day, currently quoting $2,995.83/ounce.

Note

Fundamental support remains stable, GOLD is losing some elements

Note

Gold price recovers to around 3,020 USD/oz

Note

Gold price recovers to above 3,150 USD/oz

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