Let's sort out the news that have affected the trend of gold in the past two days:
On Tuesday (April 29), gold suddenly began to fall sharply in the Asian market, and the current gold price is around $3,316. Gold prices weakened during the Asian trading session on Tuesday, replicating the trend of the Asian market on Monday. Amid optimistic market sentiment, the recovery of US dollar demand seems to put downward pressure on gold prices. New optimism about the possible progress in trade negotiations between the United States and its major trading partners supports risk appetite and boosts the performance of the US dollar against major currency competitors. Gold sellers are trying to regain control.
On Monday, US Treasury Secretary Scott Bessent said that several major trading partners have made "very good" suggestions to avoid US tariffs, and India may be one of the first countries to complete the agreement. At the same time, US President Donald Trump softened his stance on China. In addition, there was new news about Trump's tariffs, which triggered a rebound in market risk appetite. At present, the conflict between India and Pakistan has intensified, the geopolitical situation has become tense, and the market's risk aversion has heated up. In addition, this week is a "super week" and US employment data has become the focus. The specific arrangements are: JOLTS job vacancies will be released on Tuesday, ADP employment report will be released on Wednesday, initial jobless claims will be disclosed on Thursday, and the April non-farm employment report will be released on Friday.
Now the gold price has fallen from a high level, reaching a minimum of 3305 for a rebound. If there are traders waiting for the operation ideas during the European trading session, my suggestion is to wait until the rebound near 3329 to intervene in short orders and bearish (aggressive ones can directly enter the short order at 3325 and wait for the rebound to 3329 to increase positions). See if today's low of 3305 will fall below, followed by around 3285. Overall, today's short-term operation ideas for gold are mainly rebound shorting and callback longing. The short-term focus on the upper side is 3329-3339 resistance, and the short-term focus on the lower side is 3300-3290 support.
At the same time, please pay attention to the information and data releases that affect the trend. These will affect the price of gold at the last closing time of this week and the trend of the opening next week!
On Tuesday (April 29), gold suddenly began to fall sharply in the Asian market, and the current gold price is around $3,316. Gold prices weakened during the Asian trading session on Tuesday, replicating the trend of the Asian market on Monday. Amid optimistic market sentiment, the recovery of US dollar demand seems to put downward pressure on gold prices. New optimism about the possible progress in trade negotiations between the United States and its major trading partners supports risk appetite and boosts the performance of the US dollar against major currency competitors. Gold sellers are trying to regain control.
On Monday, US Treasury Secretary Scott Bessent said that several major trading partners have made "very good" suggestions to avoid US tariffs, and India may be one of the first countries to complete the agreement. At the same time, US President Donald Trump softened his stance on China. In addition, there was new news about Trump's tariffs, which triggered a rebound in market risk appetite. At present, the conflict between India and Pakistan has intensified, the geopolitical situation has become tense, and the market's risk aversion has heated up. In addition, this week is a "super week" and US employment data has become the focus. The specific arrangements are: JOLTS job vacancies will be released on Tuesday, ADP employment report will be released on Wednesday, initial jobless claims will be disclosed on Thursday, and the April non-farm employment report will be released on Friday.
Now the gold price has fallen from a high level, reaching a minimum of 3305 for a rebound. If there are traders waiting for the operation ideas during the European trading session, my suggestion is to wait until the rebound near 3329 to intervene in short orders and bearish (aggressive ones can directly enter the short order at 3325 and wait for the rebound to 3329 to increase positions). See if today's low of 3305 will fall below, followed by around 3285. Overall, today's short-term operation ideas for gold are mainly rebound shorting and callback longing. The short-term focus on the upper side is 3329-3339 resistance, and the short-term focus on the lower side is 3300-3290 support.
At the same time, please pay attention to the information and data releases that affect the trend. These will affect the price of gold at the last closing time of this week and the trend of the opening next week!
Note
The release of ADP data is expected to expand the temporary range of fluctuations. Based on the temporary break of 3260 in gold this week, we should stick to the bullish trend of gold in the near future. The market basis is still based on the head and shoulders bottom and W bottom pattern. The upper side is concerned about the break of 3370. If the break of 3370, we will look at the upper 3420-3500. The operation idea remains unchanged. Today, we still look for low points to buy more. The support below the small cycle is around 3300-3280. These two supports are necessary points for buying more today.At the same time, there are signs of easing of trade tensions, which has weakened the demand for risk aversion. Investors are also waiting for the release of economic data this week to judge the policy direction of the Federal Reserve. But it is still in a familiar range. Gold traders are eagerly awaiting the release of the first quarter gross domestic product (GDP) data of the United States to seek new directional momentum. However, before the release of the US non-farm payrolls data on Friday, traders will remain cautious and avoid establishing new directional positions in gold prices, which will limit the reaction of gold prices to GDP data. The US non-farm payrolls data will help the market assess whether the US tariffs have had a substantial impact on the labor market. Markets will also be closely watching the quarterly core personal consumption expenditures (PCE) price index data, which will be released along with the GDP data.
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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.
✅ Free daily trading signal 🔥
✅ 90%-95% high precision 🔥
✅ Weekly yield 200%-400% 🔥
t.me/+oNzmt2CY2KdjOGY8
✅ 90%-95% high precision 🔥
✅ Weekly yield 200%-400% 🔥
t.me/+oNzmt2CY2KdjOGY8
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.