Gold Experiences a Temporary Decline in Seeking Support

Market Analysis – Tuesday, April 23

Gold has exhibited remarkable performance throughout the year, with its price showing consistent upward movement. However, recent market dynamics have prompted a dip in its value, prompting a search for support to bolster buying sentiment.

Key Levels for Gold:

Demand Levels: 2074.30, 1975.80, 1813.50
Supply Levels: 2431.30, 2400.00, 2500.00

Long-Term Trend for Gold: Bullish

The year commenced with a phase of accumulation, characterized by price consolidation within the range of 2074.00 to 1976.00. Notably, the Stochastic indicator signaled an oversold condition during this period, followed by a breakout that surpassed the established range.

Since the breakout in March, the XAUUSD price has exhibited consistent upward movement, delineated by swing lows and a discernible bullish trend line. Recent market activity has seen a brief downturn, indicating a temporary weakening of bullish momentum, necessitating renewed support.

Short-Term Trend for Gold: Bearish

The recent decline in gold prices has tested a bullish order block, with the daily candle closing in a manner suggesting a willingness to resume the upward trajectory. Furthermore, the price decline has found support at the lower bands of the Bollinger indicator, indicating readiness among buyers to re-enter the market. Consequently, a potential rise towards the last significant swing high of 2431.0 is anticipated.

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