Gold Price Holds Range — But Weakness Could Resurface
Key Highlights
- Gold began a draw back correction from the $3,500 resistance zone.
- A key contracting triangle is forming with resistance at $3,335 on the 4-hour chart.
- EUR/USD is consolidating positive factors beneath the 1.1420 resistance zone.
- WTI Crude Oil costs are once more transferring decrease beneath the $62.00 resistance.
Gold Worth Technical Evaluation
Gold costs began a draw back correction from the $3,500 resistance zone. The worth declined beneath the $3,420 and $3,350 assist ranges.
The 4-hour chart of XAU/USD signifies that the value even declined beneath $3,300. A low was fashioned at $3,260 and the value is now consolidating losses. The worth remains to be effectively above the 200 Easy Shifting Common (inexperienced, 4 hours) and the 100 Easy Shifting Common (pink, 4 hours).
There may be additionally a key contracting triangle forming with resistance at $3,335 on the identical chart. On the upside, rapid resistance is close to the $3,335 stage.
The following main resistance sits close to the $3,350 stage. A transparent transfer above the $3,350 resistance might open the doorways for extra upsides. The following main resistance might be $3,380, above which the value might rally towards the milestone stage of $3,420.
On the draw back, preliminary assist is close to the $3,285 stage. The primary key assist is close to $3,265. The following main assist is close to the $3,250 stage. The principle assist is now $3,235. A draw back break beneath the $3,235 assist may name for extra downsides. The following main assist is close to the $3,200 stage.
Taking a look at EUR/USD, the pair began a short-term draw back correction and may quickly goal for a recent improve if it clears the 1.1420 resistance.
Financial Releases to Watch At present
- US Gross Home Product for Q1 2025 (Preliminary) – Forecast 0.4% versus earlier 2.4%.
- US Private Revenue for March 2025 (MoM) – Forecast +0.4%, versus +0.8% earlier.
