empty
04.04.2025 11:50 AM
XAU/USD. Analysis and Forecast

This image is no longer relevant

Gold is attracting some sellers for the second day in a row, despite the absence of any clear fundamental catalyst for a decline. Most likely, this is due to trading repositioning ahead of the key U.S. Nonfarm Payrolls (NFP) report, as well as a corrective move in the U.S. dollar driven by short-covering.

This image is no longer relevant

Recent actions by U.S. President Donald Trump—who announced reciprocal tariffs on imports—have shaken global financial markets and heightened concerns about potential negative impacts on the global economy. This has led to increased expectations that the Federal Reserve will resume its rate-cutting cycle, which in turn supports interest in gold as a safe-haven asset.

Interestingly, the yield on 10-year U.S. Treasury bonds has fallen below 4% for the first time in six months, preventing the dollar from recovering. At the same time, data on U.S. services sector activity indicated a slowdown, which further weighs on the dollar and supports the precious metal.

From a technical perspective, gold may find support near the $3057 area, which aligns with the 100-period simple moving average (SMA) on the 4-hour chart—a key reference point for short-term traders. A break below this level could trigger technical selling, making the metal vulnerable to a deeper corrective decline toward intermediate support at $3035, en route to the psychological level of $3000.

This image is no longer relevant

On the other hand, the resistance zone around $3116 will be key for the bulls. A breakout above this area could signal the continuation of the multi-month uptrend during which gold reached a new all-time high—especially now that oscillators on the daily chart have exited overbought territory.

For more actionable trading opportunities today, it is advisable to focus on the release of the NFP employment data, which could significantly impact market direction.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

XAU/USD. Analysis and Forecast

Gold continues to show strong demand, trading near its all-time high, just below the key psychological level of $3400. The hardline international trade policy pursued by U.S. President Donald Trump

Irina Yanina 19:15 2025-04-21 UTC+2

EUR/GBP. Analysis and Forecast

The strengthening of the pair is linked to the euro's rise amid U.S. dollar weakness, driven by concerns over a potential recession in the U.S. and questions about the Federal

Irina Yanina 12:17 2025-04-21 UTC+2

Markets in limbo: awaiting next shock or revival

After the rollercoaster ride of early April, the US stock market seems to have come to a standstill. The S&P 500 is neither alive nor dead — it's starting

Marek Petkovich 11:46 2025-04-21 UTC+2

The Dollar and Stock Market Crash Continues (AUD/USD May Keep Rising While USD/JPY Declines Further)

While Europe and parts of Asia continue celebrating Easter and political life has temporarily paused, in the U.S., the "Make America Great Again" trend set by Donald Trump continues

Pati Gani 09:04 2025-04-21 UTC+2

What to Pay Attention to on April 21? A Breakdown of Fundamental Events for Beginners

No macroeconomic events are scheduled for Monday—not in the U.S., the Eurozone, Germany, or the U.K. Therefore, even if the market was paying attention to the macroeconomic backdrop, today, there

Paolo Greco 06:30 2025-04-21 UTC+2

GBP/USD Overview – April 21: The Inertial Growth Continues

The GBP/USD currency pair continued its upward movement on Friday. If we had seen such price action away from peak levels, there would have been no questions. In essence

Paolo Greco 04:01 2025-04-21 UTC+2

EUR/USD Overview – April 21: The Market Sleeps, Only Trump Can Wake It Up

On Friday, the EUR/USD currency pair made no notable movements whatsoever. This was unsurprising, as Friday marked Good Friday, and Sunday was Easter. Many banks and trading venues were closed

Paolo Greco 04:01 2025-04-21 UTC+2

US Dollar: Weekly Preview

Is there light at the end of the tunnel? The US dollar will again try to answer that question in the new week. To briefly recap: over the past

Chin Zhao 01:01 2025-04-21 UTC+2

British Pound: Weekly Preview

Several fairly interesting reports were released in the UK, but they almost did not impact market participants' actions. Demand for the British pound increased on all five days except

Chin Zhao 01:01 2025-04-21 UTC+2

Euro: Weekly Preview

There were very few changes regarding the euro last week. We observed horizontal movement for most of the week, which naturally did not affect the current wave markup. I want

Chin Zhao 01:00 2025-04-21 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.