Key Highlights
- Gold started a downside correction from the $3,500 resistance zone.
- A key contracting triangle is forming with resistance at $3,335 on the 4-hour chart.
- EUR/USD is consolidating gains below the 1.1420 resistance zone.
- WTI Crude Oil prices are again moving lower below the $62.00 resistance.
Gold Price Technical Analysis
Gold prices started a downside correction from the $3,500 resistance zone. The price declined below the $3,420 and $3,350 support levels.
The 4-hour chart of XAU/USD indicates that the price even declined below $3,300. A low was formed at $3,260 and the price is now consolidating losses. The price is still well above the 200 Simple Moving Average (green, 4 hours) and the 100 Simple Moving Average (red, 4 hours).
There is also a key contracting triangle forming with resistance at $3,335 on the same chart. On the upside, immediate resistance is near the $3,335 level.
The next major resistance sits near the $3,350 level. A clear move above the $3,350 resistance could open the doors for more upsides. The next major resistance could be $3,380, above which the price could rally toward the milestone level of $3,420.
On the downside, initial support is near the $3,285 level. The first key support is near $3,265. The next major support is near the $3,250 level. The main support is now $3,235. A downside break below the $3,235 support might call for more downsides. The next major support is near the $3,200 level.
Looking at EUR/USD, the pair started a short-term downside correction and might soon aim for a fresh increase if it clears the 1.1420 resistance.
Economic Releases to Watch Today
- US Gross Domestic Product for Q1 2025 (Preliminary) – Forecast 0.4% versus previous 2.4%.
- US Personal Income for March 2025 (MoM) – Forecast +0.4%, versus +0.8% previous.
