Gold market trading analysis for April 29, 2024

Hello, dear traders, we are here with today’s Gold (XAUUSD) market trading analysis.

Gold market trading analysis for April 29, 2024

Today April 29, 2024 gold market trading analysis and trading signals:

On Monday in the Asian market, gold (XAUUSD) prices started low and plunged, hitting a bottom of 2320. The price rebound stalled last Friday, ending at 2337, following U.S. economic data that met forecasts. With the Middle East crisis not worsening, geopolitical risks eased, leading to a weekly gold price drop of over 2%, the most significant since December.

Markets anticipate the Federal Reserve will maintain interest rates between 5.25% and 5.5%. It’s unlikely the Fed will signal any upcoming policy changes soon. However, during his post-meeting press conference, Chairman Powell may address whether a June rate cut is still on the table. Any indications could lead to a fall in U.S. Treasury yields and a rise in gold prices internationally.

This week, attention is on the Federal Reserve’s decision on Wednesday. Gold (XAUUSD) and other markets are reacting to potential changes in the Fed’s interest rate plans. The U.S. non-farm payrolls report on Friday will also significantly influence the markets after the Fed’s announcement.

In technical terms, gold is trading below its 10-day moving average, indicating a downward trend. The RSI is positioned above the midpoint, suggesting some market adjustment. After dipping to the middle Bollinger Band at 2291.8, prices have rebounded slightly, currently standing at the 2307 level. The four-hour chart shows a slight upward trend, while the hourly chart and the RSI are aligned, indicating stability. This week, market volatility is expected to increase, especially around the release of non-farm payroll data on Wednesday and Friday. Early-week trading has been unstable, with short-term strategies dominating.

Key levels in the Asian market:

  • 1-hour resistance at 2333, support at 2320
  • 4-hour resistance at 2341, support at 2305
  • Daily resistance at 2352, support at 2296
Scroll to Top