How To Make Money Today: Daily Gold (XAUUSD) Market Analysis and Forex Trading Signals 7 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 on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our 1st resistance at 1950.021 which is in line with 127.2% Fibonacci extension towards our 1st support at 1915.774 in line which is a graphical overlap and in line with 78.6% Fibonacci Projection. Ichimoku is supporting our bullish bias.
Areas of consideration:
- 4h 1st support at 1915.774
- 4h 1st resistance at 1950.021
Gold Price Prediction: XAU/USD is stuck in a range above $1,920, despite conflicting signals.
- Despite risk aversion, a drop in rates, and a weakening of the dollar, the gold price remains attractive.
- The Fed’s hawkish view is expected to dampen gold’s attractiveness, while the Ukraine situation will boost it.
- Gold Price Prediction: The XAUUSD continues to consolidate over $1,900.00.
Update: Gold’s battle to establish traction resumed on Thursday, with price action being subdued/range-bound for the second day in a row. Throughout the early European session, the XAU/USD remained restricted to a small trading zone, and was last seen trading slightly below the $1,925 mark, essentially unchanged for the day. The minutes of the March 15-16 FOMC policy meeting highlighted policymakers’ growing worry that inflation had spread across the economy, necessitating tighter monetary policy. Many participants stated they were willing to raise interest rates by 50 basis points and shrink the central bank’s large balance sheet to tighten financial conditions at forthcoming meetings. This was seen as a significant component acting as a headwind for the non-yielding yellow metal.
The Fed’s ambitious ambitions, along with dwindling chances for a diplomatic settlement to the Ukrainian conflict, weighed heavily on global risk sentiment. This was reflected in a generally lower tone in the equities markets, which lent support to gold as a safe haven asset. The anti-risk sentiment was bolstered by a minor retreat in US Treasury bond rates, which put US dollar bulls on the defensive and helped limit the dollar’s downside potential. Even from a technical standpoint, the XAU/USD has been stuck in a range for the previous week and a half. Aggressive traders should exercise prudence and posture for a hard direction as a result of this.
Previous update: The gold price is now in the hands of sellers on Thursday, after settling almost unchanged on Wednesday.
The hawkish Fed minutes cast doubt on the world’s most powerful central bank’s intentions to reduce its balance sheet and raise interest rates by 50 basis points (bps) at its May meeting. Investors are concerned about the Fed’s hardline attitude, which might stifle economic growth as the central bank battles rising prices.
The sell-off in tech and real estate equities on Wall Street prompted its Asian counterparts to follow suit, putting a damper on risk-on trading. As a result, the demand for US bonds as a safe haven forced rates down, causing the US currency to fall somewhat.
With the Federal Reserve’s aggressive tightening plans in full throttle, gold’s price is failing to profit from fresh yield and dollar weakness. Gold’s price is also ignoring any demand for it as a safe haven, as policy normalisation remains a long-term negative for the yellow metal.
Markets are also uneasy due to the continuous escalation in the Russia-Ukraine conflict, which has been exacerbated by Western sanctions imposed in response to Russia’s war crimes in Ukraine. The focus now shifts to Fed officials Evans, Williams, Bostic, and Bullard, whose statements might have a big influence on gold prices in the coming days.
Gold Price Chart: Hourly
Gold’s hourly technical picture shows that the price is eyeing a sharp drop towards the rising trendline support at $1,916.
The Relative Strength Index (RSI) is looking south below the midline, justifying the bias to the downside.
If the abovementioned support is breached, then a test of the $1,900 mark remains inevitable.
On the upside, immediate confluence resistance is seen around $1,925, where the 21 and 50-Hourly Moving Averages (HMA) close in.
The next critical upside target is seen near $1,928, where the 100 and 200-HMAs align.
Further up, the $1,930 round level could challenge the bearish commitments.
Additional gold price levels to keep an eye on
XAU/USD
| OVERVIEW | |
|---|---|
| Today last price | 1922.10 |
| Today Daily Change | -3.25 |
| Today Daily Change % | -0.17 |
| Today daily open | 1925.35 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1938.94 |
| Daily SMA50 | 1903.51 |
| Daily SMA100 | 1853.92 |
| Daily SMA200 | 1823.1 |
| LEVELS | |
|---|---|
| Previous Daily High | 1933.61 |
| Previous Daily Low | 1915.31 |
| Previous Weekly High | 1959.63 |
| Previous Weekly Low | 1890.21 |
| Previous Monthly High | 2070.54 |
| Previous Monthly Low | 1890.21 |
| Daily Fibonacci 38.2% | 1926.62 |
| Daily Fibonacci 61.8% | 1922.3 |
| Daily Pivot Point S1 | 1915.9 |
| Daily Pivot Point S2 | 1906.46 |
| Daily Pivot Point S3 | 1897.6 |
| Daily Pivot Point R1 | 1934.2 |
| Daily Pivot Point R2 | 1943.06 |
| Daily Pivot Point R3 | 1952.5 |
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