How To Make Money Today: Daily Gold (XAUUSD) Market Analysis and Forex Trading Signals 5 April 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first, and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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XAU/USD (GOLD):
On the H1, prices are abiding by our support. We see the potential for further bullish continuation from our 1st support at 1918.010 which is in line with 50% Fibonacci retracement towards our 1st resistance at 1938.927 in line which is a graphical overlap.
Areas of consideration:
- 4h 1st support at 1918.01
- 4h 1st resistance at 1938.927
Gold Price Prediction: XAU/USD will remain on the back foot at $1,930 due to the Ukraine conflict, while US Services PMIs will be monitored.
- XAU/USD is fluctuating between $1,915.78 and $1,949.86, indicating a neutral market attitude.
- The peace negotiations between Russia and Ukraine seem to have de-escalated after Ukraine accused Russia of killing civilians.
- The DXY is rising ahead of US Services PMIs, owing to a reduced unemployment rate in the United States.
Update: Gold is testing bids in the $1,930 range, as rising tensions between the West and Russia over the atrocities in Ukraine maintain demand for the US dollar as a safe haven. The dazzling metal’s downside remains cushioned, though, as US Treasury rates remain poor throughout the curve, despite rising risk-off flows into US government bonds. Following a strong US job market data issued last Friday, investors are weighing in on the Fed’s aggressive tightening intentions.
The focus now shifts to the ISM and S&P Global Services PMIs in the United States, as well as remarks from Fed officials. The UN Security Council meeting on Tuesday, in which Ukrainian President Volodymyr Zelenskyy is scheduled to address amid the escalating Russia-Ukraine conflict, will also take centre stage.
The price of gold (XAU/USD) has been fluctuating between $1,915.78 and $1,949.86 during the previous three trading sessions, indicating optimistic market sentiment. The market’s positive tone has been maintained as market players evaluate worst-case possibilities in the aftermath of Russia’s invasion of Ukraine. The precious metal is struggling to find direction and is hunting for a catalyst.
After negotiations over the primary criteria to be put in a special ceasefire declaration, investors saw a definite advance in the Russia-Ukraine peace talks. Also, Russian separatists’ month-long military operation in Ukraine indicated that Russia may soon run out of military equipment, money, and resources, forcing it to consider a ceasefire. However, Ukraine President Volodymyr Zelenskyy’s accusation of Russia for the deaths of civilians by Russian soldiers in Bucha, Ukraine has pushed back the ceasefire deadline.
Meanwhile, the US dollar index (DXY) has recaptured 99.00 on Tuesday’s expected good US Services PMI. The preliminary estimate for the US Services PMI is 58, up from 56.5 before. In addition, after the optimistic Unemployment Rate, the chances of a big interest rate rise have grown dramatically. With the unemployment rate in the United States at 3.6 percent and remaining below 4 percent, the Federal Reserve is expected to raise interest rates by 50 basis points (bps) (Fed). With a strong labour market and full employment, an aggressively restrictive monetary policy is expected in May. In addition, US Treasury rates are balanced within a narrow range. The benchmark 10-year US Treasury yield is now hovering at 2.4 percent, with higher levels expected in the future.
The Federal Open Market Committee (FOMC) minutes will be the biggest event for the FX arena this week. The FOMC minutes will reveal the rationale behind the Fed’s decision to raise interest rates by 25 basis points.
Gold Technical analysis
XAU/USD is fluctuating in a diamond pattern on an hourly basis, indicating a positive reversal after a strong plunge. The formation denotes an inventory adjustment, in which inventory is transferred from retail to institutional investors. Near $1,930, the 20- and 50-period Exponential Moving Averages (EMAs) are overlapping, indicating a consolidation ahead. Meanwhile, the Relative Strength Index (RSI) (14) is fluctuating between 40.00 and 60.00, indicating a poor performance.
Gold Hourly chart
XAU/USD
| OVERVIEW | |
|---|---|
| Today last price | 1933.28 |
| Today Daily Change | 7.48 |
| Today Daily Change % | 0.39 |
| Today daily open | 1925.8 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1951.81 |
| Daily SMA50 | 1898.02 |
| Daily SMA100 | 1851.91 |
| Daily SMA200 | 1820.74 |
| LEVELS | |
|---|---|
| Previous Daily High | 1939.55 |
| Previous Daily Low | 1918.07 |
| Previous Weekly High | 1959.63 |
| Previous Weekly Low | 1890.21 |
| Previous Monthly High | 2070.54 |
| Previous Monthly Low | 1890.21 |
| Daily Fibonacci 38.2% | 1926.28 |
| Daily Fibonacci 61.8% | 1931.34 |
| Daily Pivot Point S1 | 1916.06 |
| Daily Pivot Point S2 | 1906.33 |
| Daily Pivot Point S3 | 1894.58 |
| Daily Pivot Point R1 | 1937.54 |
| Daily Pivot Point R2 | 1949.29 |
| Daily Pivot Point R3 | 1959.02 |
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