empty
04.05.2021 02:40 PM
Gold Price Analysis for 4th May, 2021
  • Gold witnessed some selling on Tuesday and eroded a part of the overnight gains to two-week highs.
  • Resurgent USD demand, a modest pickup in the US bond yields exerted some pressure on the metal.

This image is no longer relevant

Gold maintained its offered tone through the first half of the European session and was last seen hovering near the lower end of its daily trading range, just above the $1,780 level.

The precious metal continued with its struggle to reclaim the $1,800 mark and witnessed some fresh selling on Tuesday, eroding a part of the previous day's strong positive move to over one-week tops. The pullback was sponsored by resurgent US dollar demand, which tends to dent demand for the dollar-denominated commodity.

Meanwhile, repeated failures near the $1,800 mark warrant some caution for bullish traders and make it prudent to wait for some follow-through buying before positioning for any appreciating move. That said, the downside is likely to remain cushioned ahead of Friday's release of the closely-watched US monthly jobs report (NFP).

A lower time frame analysis shows that the price of gold could surge towards the $1,840 area if the $1,800 level is broken. Any moves back towards the $1,775 area is likely to be seen as a buying opportunity by short-term gold bulls. XAUUSD is only bullish while trading above the $1,775 level, key resistance is found at the $1,800 and the $1,840 levels. If XAUUSD trades below the $1,775 level, sellers may test the $1,765 and $1,756 support levels.

Jan Novotny,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forex forecast 22/04/2025: EUR/USD, GBP/USD, USD/JPY and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:08 2025-04-22 UTC+2

Technical Analysis of Intraday Price Movement of GBP/CHF Cross Currency Pairs, Tuesday April 22, 2025.

If we look at the 4-hour chart of the GBP/CHF cross currency pair, there are several interesting facts. First, the appearance of a Triangle pattern followed by the movement

Arief Makmur 06:58 2025-04-22 UTC+2

Technical Analysis of Intraday Price Movement of AUD/CAD Cross Currency Pairs, Tuesday April 22, 2025.

With the price movement of the AUD/CAD cross currency pair moving above the WMA (21) which has an upward slopes and the appearance of Convergence between the price movement

Arief Makmur 06:58 2025-04-22 UTC+2

Trading Signals for GOLD (XAU/USD) for April 21-25, 2025: sell below $3,422 (overbought - 8/8 Murray)

The eagle indicator has reached overbought levels. However, the metal could still reach the high around 8/8 Murray, which represents a strong barrier for gold. Below this area, we could

Dimitrios Zappas 17:23 2025-04-21 UTC+2

Technical Analysis of Intraday Price Movement EUR/GBP Cross Currency Pairs, Monday April 21, 2025

From what is seen on the 4-hour chart, the EUR/GBP cross currency pair appears to be moving above the EMA (100), which indicates that Buyers dominate the currency pair

Arief Makmur 04:19 2025-04-21 UTC+2

Technical Analysis of Intraday Price Movement USD/JPY Main Currency Pairs, Monday April 21, 2025.

With the appearance of Convergence between the price movement of the main currency pair USD/JPY with the Stochastic Oscillator indicator and the position of the EMA (100) which is above

Arief Makmur 04:19 2025-04-21 UTC+2

Forex forecast 18/04/2025: EUR/USD, GBP/USD, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:18 2025-04-18 UTC+2

Gold: Ongoing Uncertainty Continues to Support Gold Prices

Gold prices continue to receive support amid the fog of uncertainty surrounding the future course of the tariff wars initiated by Donald Trump. The price of gold has been climbing

Pati Gani 11:49 2025-04-17 UTC+2

EUR/USD Forecast for April 17, 2025

On Wednesday, the euro once again moved into the target range of 1.1385–1.1420. However, recent price behavior suggests that the 1.1385 level is now redundant — we're seeing a consolidation

Laurie Bailey 11:07 2025-04-17 UTC+2

GBP/USD Forecast for April 17, 2025

Yesterday, the UK released inflation data for March. Core CPI declined from 3.0% y/y to 2.8% y/y, and headline CPI dropped from 2.8% y/y to 2.6% y/y, below the forecast

Laurie Bailey 11:02 2025-04-17 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.