GOLD → Consolidation. Traders are waiting for news...

30 Apr

XAUUSD remains in consolidation at 3370-3270. Traders are in no hurry to take any action, as there is a lot of important news ahead. Let's take a closer look at the situation...



On Wednesday, gold is trading lower, remaining in a sideways range as traders await the release of US GDP data for the first quarter. A sharp slowdown in growth is expected, and a possible contraction in the economy could increase bets on a Fed rate cut and support gold. Meanwhile, the dollar is holding steady amid tariff news and expectations for key employment and inflation data.
A retest of the range support is forming. The approach is quite sharp, and the pre-breakout potential has been exhausted. A false breakout of support could trigger an upward correction.

Support levels: 3270, 3245
Resistance levels: 3314, 3329, 3352

If the dollar continues to fall after the news, this could support gold and the price could continue to trade between 3370 and 3270. Unpredictable news could trigger a breakout and a fall.

Best regards, R. Linda!

30 Apr

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