Analytical Reviews

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Trading Signals for GOLD (XAU/USD) for April 30, 2024: buy above $2,325 (21 SMA - 200 EMA)
23:41 2024-04-29 UTC--4

Gold is trading around 2,331, below the 21 SMA, and below the 200 EMA located around 2,345. Gold is trading within an uptrend channel forming since April 22 and is expected to continue rising in the coming hours and could reach at 2,370 - 2,375.

Since April 25, gold has been showing signs of exhaustion in the bullish strength. We believe that if the metal breaks and consolidates below 2,320, a technical correction could occur, so the price could reach the low of April 25 around 2,307.

In case gold continues to rise, we should expect consolidation above 2,340 on the H1 chart. Above this area, bullish strength could prevail and we could look for opportunities to buy with targets at 2,360 and 6/8 Murray located at 2,375.

A trend reversal could happen if gold falls below the psychological level of 2,300. Then, it could reach 4/8 Murray located at 2,250.

Investors are awaiting the statements of the FED Chairman which will be announced on May 1. If Powell reaffirms his position of maintaining the interest rate without any change, this could put bearish pressure on gold and then, the metal could resume its bullish cycle.

In the next few hours, we will look for opportunities to buy within the uptrend channel, but below this channel, we should avoid buying and a sequence of lower lows is likely.

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.