The current price of XAU/USD stands at $2,345.71
Gold trades with a positive tone on Monday, now hovering around $2,345 a troy ounce, as the US Dollar eases on the back of a better market mood that also sees stock markets advancing and government bond yields retreating. Speculative interest, however, maintains major pairs confined to familiar levels ahead of first-tier events scheduled for this week.
On one side, the US Federal Reserve is having a meeting about its money policies and will let us know what they decide on Wednesday. Many people expect the Fed, led by Chair Jerome Powell, to keep interest rates the same. They might also talk tough about keeping a close eye on inflation. This could make the US Dollar less valuable. Recent US data has shown that economic growth is slowing down while prices are still going up a lot.
On the other hand, the US will share lots of information about jobs, especially on Friday when they release the April Nonfarm Payrolls (NFP) report. The number of people working and how much they’re getting paid are important things the Fed looks at when they decide on money policies. Even though these figures come out after the Fed’s announcement, they still matter because they give hints about what might happen at the Fed’s next meeting in June.
Short-Term Technical Analysis of XAU/USD
XAU/USD has been going up for three days straight, bouncing a bit from a specific level on the charts. Right now, it’s above a line that shows where the price might go next, and there are signs that more people are interested in buying. On the daily chart, it’s doing okay, passing an important line that shows where the average price has been over the last few days. Also, there are other lines on the chart that show support, meaning places where the price might not fall below easily.
Looking at a shorter time frame, like four hours, XAU/USD is just below another line that might affect its movement. There’s another line that might keep the price from dropping too much. The indicators on the charts aren’t showing a strong direction, but they’re mostly positive, indicating that people who want the price to go up are ready to buy.
Support levels: $2,326.50, $2,310.00, $2,295.20
Resistance levels: $2,361.55, $2,372.90, $2,389.15
