Gold retreated from strong highs near $3,500 per ounce, entering a strong corrective downward trend that brought it to levels near $3,270. While prices are currently consolidating above key technical support levels, the short-term trend remains under negative pressure amid anticipation of influential US economic data.
Technical Analysis for Gold vs. the US Dollar: Market Overview
Gold is moving in a short-term downward trajectory after losing the upward momentum that began in mid-April. The chart shows a breakout of several moving averages, in addition to a gradual decline in the highs and lows, reflecting continued selling pressure as long as the $3,330 resistance level remains unbroken.
Technical Indicators Analysis
Moving Averages: The price is below all moving averages (20, 50, 100, and 200 hours) with a clear negative crossover.
MACD: Moving in negative territory with weak upward momentum.
Stochastic: A negative crossover and decline from overbought areas support continued selling pressure.
Possible Scenarios
Bullish Scenario
- 3315: Nearby resistance represents the first serious test after the reversal.
- 3325: Represents a previous sub-top from the end of the April 24 session.
- 3337: Strong and recurring resistance, as well as a crossover with a short-term moving average.
- 3348 – 3360: Corrective targets on the previous downtrend.
- 3375 – 3390: Represent areas of price congestion and a previous trend reversal.
- 3405 – 3420: Important highs before the recent breakdown, and may represent the upper limit of the corrective move.
Bearish Scenario
- 3245: First clear support after the break of 3260.
- 3230: A bottom formed in mid-April.
- 3215 – 3200: Strong psychological and technical support areas.
- 3185 – 3170: Targets in case the decline accelerates under pressure from the US dollar.
- 3155 – 3140: Previous lows from late March and early April.
- 3125 – 3105: Extended targets if selling pressure continues, supported by positive US data.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 3293.24 | 3272.54 |
| Target Point 1 (TP1) | First resistance: 3307.86 | First support: 3260.36 |
| Target Point 2 (TP2) | Second resistance: 3317.00 | Second support: 3250.00 |
| Stop Loss (SL) | 3272.54 | 3293.24 |
Gold is under clear downside pressure in the short term. Consolidation below 3300 supports the continuation of the downward correction, while any strong rebound from 3260 could open the way for a limited corrective upward wave. We recommend closely monitoring the 3260 level as an important indicator of the upcoming trend.
Important economic data today:
Friday, April 25: US Gross Domestic Product (GDP q/q) – has a direct impact on gold movement through its impact on the dollar and yields.
