23 April 2025,02:23
Trade Of The Day
23 April 2025, 02:23
Gold prices retreated from record highs as investor sentiment shifted toward riskier assets, triggering profit-taking. The earlier rally, driven by geopolitical uncertainty and global trade tensions, saw a pause as flows rotated back into equities. However, several unresolved issues — such as U.S.-China trade negotiations and potential pressure on the Fed to cut rates — may renew support for gold in the near term.
Technical Breakout:
Gold is trading flat, currently testing a key support zone. MACD shows weakening bearish momentum, while RSI at 37 suggests limited downside and potential for a short-term rebound. If bullish momentum persists, prices may retest the 3375.00 resistance. Failure to gain traction, however, could see a pullback toward the 3320.00 level.
Potential Risks: Persistent U.S.-China trade tensions remain a major source of market volatility.
Monitoring: Investors are advised to continue monitoring trade development between US and the world to gauge the likelihood movement for the asset classes.
Resistance levels: 3375.00, 3420.00
Support levels: 3320.00, 3285.00
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This content is for educational and informational purposes only and should not be considered investment advice, a personal recommendation, or an offer to buy or sell any financial instruments.
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