Gold Price: Overriding Risk-On Mood Weighs on XAUUSD Price at $1,700 Level in a Bid to Stay Afloat

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *