市場分析

Gold Stays Bullish as USD Declines and US-China Trade Resolution Uncertainty Grows

Mellissa · 24 Apr593.8K 閱讀

Image Credit: TradingNews

Gold prices (XAU/USD) maintain a positive outlook in early European trading on Thursday, holding above the $3,300 level. Remarks from U.S. Treasury Secretary Scott Bessent on Wednesday indicated that the trade tensions between the U.S. and China may persist for some time. This, combined with ongoing uncertainty over U.S. President Donald Trump's tariffs and their potential impact on the global economy, has rekindled demand for gold as a safe haven, following a brief pullback from its all-time high.

In addition, a slight dip in the U.S. Dollar (USD) and expectations of more aggressive policy easing by the Federal Reserve (Fed) are also providing support to gold. Investors remain cautiously optimistic about a potential U.S.-China trade agreement, while reduced concerns about the Fed’s independence are contributing to a positive risk sentiment, which is limiting fresh bullish activity in gold.

Technically, the metal showed resilience just below the 38.2% Fibonacci retracement of its recent rally from the mid-$2,900s. However, the price faces resistance near the 23.6% Fibonacci level at $3,367-$3,368, which is seen as a key hurdle. With daily oscillators still in positive territory, further buying momentum could push gold toward the $3,400 mark, with the potential for additional gains toward the $3,425-$3,427 range. If the price clears this, it may aim for the psychological $3,500 level.

On the downside, the $3,300 level, followed by the 38.2% Fibonacci retracement around $3,288, and the recent swing low around $3,260, are seen as key support levels. A break below these levels could push gold further down to the 50% retracement at $3,225. If selling pressure continues and the price drops below $3,200, it may signal that gold has reached its near-term peak and that the retracement from the all-time high will extend further.