Good morning, dear traders! Welcome to Guriforex.com. Today, we are here with the XAUUSD (Gold) technical analysis session. As we delve into the chart details, our aim is to provide valuable insights into potential market shifts.

Market updates and technical analysis for the XAUUSD (Gold) market on May 1, 2024:

After maintaining a high level for an extended period, the price of XAUUSD (Gold) dropped below the $2,300 mark last night, also breaking through the crucial support level at $2,291. This marks the start of a new downward trend in gold prices, and short sellers have entered a new phase. Consequently, there’s a significant shift in trading strategies, with a short-term rebound emerging as the most viable approach.

On the one-hour chart, the decline continues. For short-term trading strategies, you can consider the pivotal $2,291 level, which previously marked a low. If prices rebound to this level, it could be an opportunity to initiate a short position. Additionally, attention should be paid to the resistance posed by the upper moving averages. Currently, the first significant moving average resistance is positioned at the $2,311 mark. If the deviation from this average is substantial, it may not serve as a solid basis for trading decisions, but it remains a useful indicator of the balance between bullish and bearish forces in the market. If gold prices climb back above these moving averages soon, don’t be alarmed. As long as they do not breach the $2,352 mark, a short-term trading stance should be maintained