* Gold prices remained range-bound, as mixed sentiment kept the metal trading within a defined support and resistance range. A slight rebound occurred following weaker US economic data, which boosted safe-haven demand. However, gold’s long-term direction remains uncertain, with investors closely watching Trump’s tariff announcement on April 2 for further market cues.
*Technical Breakdown: Gold prices are trading lower after retracing from the 3030.00 resistance level. In the short term, gold appears to be forming a double-top pattern, which may lead to further retracement toward the 3005.00 support level. MACD is illustrating increasing bearish momentum, while RSI at 49 suggests continued downward pressure. If the bearish trend persists, gold may test support at 3005.00. However, failure to sustain bearish momentum could result in a rebound toward the 3030.00 resistance level.
Understand how technical analysis can help you in this trading opportunity.
An aggressive tariff announcement from Trump could increase safe-haven demand for gold, potentially reversing its current downward pressure.
Know how to manage trading risks with risk management strategies.
Watch for developments in for any shifts in the potential trade tariffs from Trump and Russia-Ukraine updates, by following PU Prime’s market insights and daily financial news.
Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!
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* Gold prices remained range-bound, as mixed sentiment kept the metal trading within a defined support and resistance range. A slight rebound occurred following weaker US economic data, which boosted safe-haven demand. However, gold’s long-term direction remains uncertain, with investors closely watching Trump’s tariff announcement on April 2 for further market cues.
*Technical Breakdown: Gold prices are trading lower after retracing from the 3030.00 resistance level. In the short term, gold appears to be forming a double-top pattern, which may lead to further retracement toward the 3005.00 support level. MACD is illustrating increasing bearish momentum, while RSI at 49 suggests continued downward pressure. If the bearish trend persists, gold may test support at 3005.00. However, failure to sustain bearish momentum could result in a rebound toward the 3030.00 resistance level.
Understand how technical analysis can help you in this trading opportunity.
An aggressive tariff announcement from Trump could increase safe-haven demand for gold, potentially reversing its current downward pressure.
Know how to manage trading risks with risk management strategies.
Watch for developments in for any shifts in the potential trade tariffs from Trump and Russia-Ukraine updates, by following PU Prime’s market insights and daily financial news.
Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!
Open Your Free Demo Account And Start Trading Risk-Free
Join Now
Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.