XAUUSD Price Analysis – April 29
During the late European session, Gold edged down into the American session and refreshed daily lows as overriding risk-on mood weighs on XAUUSD, but managed to stay just above the round-figure mark of $1,703.00. This emerges amid a significant upturn in crude oil prices, which rather bolstered the optimism of investors and smashed the inherent safe-haven status of the precious metal.
Key Levels
Resistance Levels: $1,780, $1,765, $1,747
Support Levels: $1,690, $1,663, $1,623
XAUUSD Long term Trend: Bullish
Gold has largely kept moving horizontally since the beginning of April. This is trading beyond nearby highs in February-March. But, this looks like a medium to long term uptrend consolidation. Though if the price hits beneath the level of $1,703.00, we may see more pressure to sell.
An upswing may return as soon as the pair soars beyond the resistance level of $1,719.25, preceded by rising to the resistance level of $1,738.87, and if it skyrockets beyond that level, we may predict the pair to hit the resistance level of $1,747.72.
XAUUSD Short term Trend: Bullish
XAUUSD consolidates the progress which began in mid-March as the metal holds beyond the ascending trendline on the four-hour chart. XAUUSD retains a solid bullish momentum as buyers are now searching for a break beyond the level of $1747.00 on a daily exit grounds that may open the doors towards the resistance level of $1,780.
Alternatively, support may appear for the short term near to $1,690 price level, and further below rests the level of $1,663. In the first quarter of this year, freshly issued US GDP came in at 4.8 percent worse than anticipated.
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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