- Gold struggles to find a direction and is trading in a tight range between 1,337 and 1,350.
- The risk-on mood trade on Wall Street and a strong US dollar keep the yellow metal sideways.
Gold is trading at around $1,343 a troy once inside Monday’s range.
Since the start of the week, Gold is trading in a tight range between the 1,337 and the 1,350 levels reflecting the uncertainties on the geopolitical picture.
Gold stays under the 1,400 resistance as over the weekend the US-led airstrike fired more than 100 missiles on strategic military facilities in Syria. The market saw it as an isolated event and not the start of a new war. Gold didn’t react as a safe-haven asset in that case. However, uncertainties remain with impending US sanctions on Russia and the ongoing trade war between US and China.
Also keeping a lid on gold prices is the renewed USD strength saw in early European trading on Tuesday as well as the risk-on mood which is now prevailing in the equity market in the US. The three main indices, the S&P 500, the Dow Jones and the Nasdaq are shooting higher, breaking some important technical levels as investors are focusing on the earning season.
Gold 4-hour chart
-636595767887822433.png)
The technical picture is rather neutral. Supports lie at 1,332.60 and 1,319.30 swing lows while resistances lie at 1,350.60 and 1,365.70 swing highs.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.