Contents
Market Recap
Gold trading remains dynamic, with Exness offering competitive conditions for XAU/USD traders. Recent price action shows volatility, with gold rebounding after a brief dip to $3,318.71 on April 23, though long-term bullish forecasts dominate.Current Price Action and Trends
Price Level:
Trading near $3,320, oscillating between $3,280 (support) and $3,325 (resistance) as of April 28.Trend:
Bullish correction within a broader upward channel, with minor pullbacks testing key supports.Key Levels:
- Immediate Support: $3,280-$3,295 (last week’s low)
- Strong Support: $3,250 (long-term trendline)
- Immediate Resistance: $3,325-$3,330 (recent highs)
- Major Resistance: $3,350 (psychological barrier)
Long-Term Target:
JP Morgan forecasts averages near $3,675 by Q4 2025, while Goldman Sachs cites $4,500 as a potential aggressive target.Trading Strategy for XAU/USD
Entry Points
- Pullback Entry: Buy dips to $3,290-$3,300 with bullish RSI divergence.
- Breakout Entry: Wait for a clear close above $3,330 to target $3,350.
Risk Management
- Stop Loss (SL): Set below $3,270 (20-30 pips below entry point).
- Take Profit (TP): Target $3,330-$3,350 (1:2 risk-reward ratio).
Key Indicators to Monitor
- RSI: Neutral (around 50-60). Look for oversold signals (<30) during pullbacks.
- Moving Averages: Watch for 50-period SMA ($3,280) and 200-period SMA ($3,200) as dynamic supports.
Rationale for Strategy
- Bullish Drivers: Central bank demand, macroeconomic uncertainty, and Fed rate-cut expectations.
- Volatility: Geopolitical risks and US fiscal policy shifts could trigger rapid swings.
Final Advice
- Entry Timing: Prioritize pullback entries at $3,290-$3,300 during Asian/European overlap (lower volatility).
- Exit Strategy: Trail stop-loss above $3,305 if price breaks $3,330; secure partial profits at $3,350.
- Catalysts: Monitor US Treasury yields, Fed commentary, and geopolitical headlines for reactive trading opportunities.
Gold’s resilience above $3,300 signals underlying bullish momentum, but near-term hesitation justifies cautious positioning.
