Hello esteemed members of Guriforex.com,
Today, we bring you a technical analysis of the XAUUSD (Gold) market. Let’s explore some key strategies together!
XAUUSD (Gold) market technical analysis and market News for May 2, 2024:
In terms of market impact news, we’re observing that despite high US bond interest rates and a modest uptick in the USD, gold prices aren’t drawing in buyers. Positive risk sentiment has also played a role in curbing price surges for this safe-haven precious metal. However, traders might opt to await the US NFP report before taking aggressive positions, as the market currently leans towards a negative outlook. Gold is presently trading at $2,314, marking a 0.21% loss for the day.
Looking at the new outlook for XAUUSD:
Sellers are expected to push for a retest of resistance on the H4 timeframe. This prevents bullish breakthroughs within a strong bearish channel. The strengthening dollar index supports bearish sentiment. The market is gradually losing footing. It may move towards the lower trend boundary. In this scenario, it’s quite plausible for XAUUSD to target a drop to $2240.
