Over the past 24 to 48 hours, the gold (XAUUSD) market experienced significant volatility, with prices falling further from yesterday’s closing at $5080.33, testing lows near $5050, while key support levels lie around the $5100 to $5120 range. Gold is currently trying to stabilize below this support zone, showing a clear pullback in price action.

Recent market news highlights that gold’s move below $5100 reflects a reassessment of global uncertainties by investors. The intensification of US-Iran conflict briefly pushed gold prices higher, but the subsequent retreat indicates limited buying pressure as the market seeks balance between geopolitical risk and safe-haven demand. Additionally, developments around Venezuela’s state-owned miner signing a large gold sale deal to global markets added to the complex supply-demand outlook for gold.

For the average investor, this translates to gold remaining a key safe-haven asset, but near-term price movement is likely to see fluctuations driven by global political events and market sentiment shifts. Investors should closely monitor geopolitical developments and commodity market trends to adjust their positions accordingly amidst potential volatility.

Daily Chart

The daily chart shows a clear downtrend since late February, with gold’s price dropping from around $5400 and increasing volatility. Bollinger Bands have widened downward, indicating rising volatility, and price has frequently tested the lower band, confirming selling pressure. The 20-day moving average has crossed below the 50-day moving average, forming a bearish death cross indicative of a dominant medium-term downtrend. MACD remains negative, signaling ongoing selling momentum. Recent attempts to rally above $5100 failed, reinforcing resistance and continuation of the corrective phase on the technical front.

1H Chart

In the last 5 days on the hourly chart, XAUUSD shows a descending oscillation with tightening price ranges approaching key support. The Bollinger Bands are narrowing slightly, hinting at a potential breakout in either direction. The MACD shows a minor crossover signal but RSI remains under 40 without entering oversold territory, suggesting sustained bearish momentum. A descending triangle pattern has formed recently, signifying persistent selling pressure with a likelihood of downward breakout. Traders should watch for short-term increased downside risks.

Technical Trend:  Cautiously Bearish Trend

Technical analysis indicates XAUUSD remains firmly in a bearish phase, supported by a death cross between moving averages and a downward MACD signal. Repeated failures to hold the $5100 support reflect strong selling pressure. The descending triangle on the hourly chart points to the potential for further downside. Recent candlestick patterns, such as long upper shadows on bearish candles, suggest limited buying strength. Short-term traders should adopt a cautious stance and await clearer signs of a technical rebound before initiating long positions.

Today’s economic calendar presents no major events directly impacting XAUUSD gold prices. However, key US releases at 14:30 GMT+1, including Unit Labor Costs and Non-Farm Productivity data, might influence the USD’s strength. Stronger-than-expected data could bolster the dollar and pressure gold prices lower. Conversely, weaker data could provide some relief to gold. Overall, no direct immediate impact is expected from today’s calendar, yet market participants should monitor USD reactions closely.

Resistance & Support

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