Staying above $3,000, risk cools but still supports GOLDOANDA:XAUUSD prices corrected lower and then recovered slightly, maintaining price action above the $3,000 flat level, which is an important support for the short-term bullish outlook, as US President Trump eased his stance on imposing tariffs on trade partners and market risk appetite increased significantly, putting pressure on safe-haven assets such as gold. In addition, gold prices were also dragged down by the US Dollar hitting a more than two-week high.
OANDA:XAUUSD prices have hit a record high 16 times this year, reaching an all-time high of $3,057.21/oz last week.
Trump May Exempt Some Countries from Tariffs, Wall Street Optimistic
Trading sentiment on Wall Street was positive as US President Trump suggested a partial delay in some tariffs originally scheduled to be imposed on April 2.
According to the Wall Street Journal, US President Trump said he may reduce retaliatory tariffs scheduled to be imposed on US trading partners next month and some countries may be exempted.
According to Bloomberg, US President Trump announced on April 2 that he would impose tariffs on specific countries instead of reciprocal tariffs on most countries. These measures target the so-called “Dirty 15” trading partners.
Trump’s tariff policy stance has shown signs of softening, easing investors’ concerns about the risk of a global trade war.
Gold is traditionally seen as a safe investment during times of geopolitical and economic uncertainty, and it typically performs well in low-interest-rate environments.
The Federal Reserve kept interest rates unchanged last week, signaling the possibility of two 25-basis-point cuts this year.
U.S. and Russian officials are holding talks in Saudi Arabia in hopes of making progress on a broad ceasefire in Ukraine. Washington also hopes to negotiate a separate maritime ceasefire in the Black Sea before reaching a broader agreement.
Overall, the market is showing some signs of cooling down, providing the possibility of a correction for gold prices after a long period of consecutive increases. However, in terms of the overall market picture, gold is still fundamentally on the rise, as potential risks still appear frequently and any unexpected impact from geopolitical and trade risks will also cause gold prices to increase strongly.
Technical outlook analysis of OANDA:XAUUSD
On the daily chart, gold corrects lower but remains fixed above the base price of 3,000 USD, which is noted as an important support for the short-term bullish outlook, sent to readers in the previous issue.
In the short term, the upside target is around 3,021 USD, the price point of the 0.50% Fibonacci extension, once this level is broken on gold, it can continue to increase with the target of 3,051 USD in the short term, more than the all-time high then the 0.618% Fibonacci extension.
Overall, as long as gold remains within the price channel, above the EMA21, it still has a bullish technical outlook, the current price declines should only be considered as a short-term correction without changing the main trend.
During the day, the technical uptrend of gold will be focused again as follows.
Support: 3,000 – 2,977 USD
Resistance: 3,021 – 3,051 – 3,057 USD
SELL XAUUSD PRICE 3037 - 3035⚡️
↠↠ Stoploss 3041
→Take Profit 1 3029
↨
→Take Profit 2 3023
BUY XAUUSD PRICE 2978 - 2980⚡️
↠↠ Stoploss 2974
→Take Profit 1 2986
↨
→Take Profit 2 2992
