Hello, dear traders! We are thrilled to invite you to today’s technical analysis session focused on XAUUSD. During this session, we will explore the complex dynamics of the charts and strive to offer valuable insights into potential market movements. We look forward to providing you with actionable analysis that could help guide your trading decisions.

XAUUSD market technical analysis and market updates for April 23, 2024:

As anticipated, gold (XAUUSD) prices have swiftly retreated from the $2,400 mark.

Today, gold (XAUUSD) momentarily dipped to the $2,300 level before rebounding, recovering by $10 to currently trade at $2,310. What might be the reasons behind this sharp decline in gold prices?

One key factor is the reduced geopolitical tensions in the Middle East, which have diminished the demand for gold as a safe haven, shifting investors’ focus towards more risk-oriented assets.

Market participants are now eyeing the upcoming Personal Consumption Expenditures (PCE) report, scheduled for release this Friday. Ricardo Evangelista, a senior analyst at ActivTrades, suggests that the data could indicate persistent inflation, possibly leading the U.S. Federal Reserve to postpone any cuts in interest rates. This development could be unfavorable for gold prices.

Given these conditions, further declines in the XAUUSD pair would not be surprising. Technically speaking, the 34.89 exponential moving average on the H4 chart indicates strong bearish momentum, potentially pushing prices to retest established resistance levels. However, any significant upward movement is likely to be temporary due to solid fundamentals and technical resistance.

If prices do rebound to the aforementioned support level, we could see an increase in breakout potential. Should the price fall below $2,300 again, it is poised to test deeper liquidity levels.
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