Gold’s horizontal move ended on Friday with the breakdown of the short-term support at 3025. Since then, the critical 3000 level has been tested twice but is still holding for now. The short-term trend has turned bearish, leaving gold prices stuck between the downward pressure from above and key supports at 3000 and the 200-hour moving average.
Trump's recent softer messaging regarding the April 2 tariffs has temporarily eased upward pressure. Today's consumer confidence data will be significant, especially ahead of Friday's PCE release.
If the short-term downtrend channel holds, another attempt at the 3000 level could occur today, and a break below 3000 might intensify downward momentum.
On the upside, the immediate resistance levels to watch are the short-term downtrend line and 3030, both very close to the current price. A breakout above these levels could signal a continuation of flat move above 3000 until key economic data arrives later this week.
Trump's recent softer messaging regarding the April 2 tariffs has temporarily eased upward pressure. Today's consumer confidence data will be significant, especially ahead of Friday's PCE release.
If the short-term downtrend channel holds, another attempt at the 3000 level could occur today, and a break below 3000 might intensify downward momentum.
On the upside, the immediate resistance levels to watch are the short-term downtrend line and 3030, both very close to the current price. A breakout above these levels could signal a continuation of flat move above 3000 until key economic data arrives later this week.
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Gold break out of the downtrend and 3030 resistance. Tariff news are supporting gold.
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