Technical Analysis: XAUUSD

XAUUSD broke below the US$3000

On Monday, XAUUSD declined for the third straight trading day and broke below the US$3000 mark. It ended down 1.85% at US$2982.55 per ounce.

Trump refused to suspend reciprocal tariffs

The US President Trump said on Monday that reciprocal tariff would not be suspended. He also rejected the European Union’s offer of “zero-for-zero” tariffs with the US for industrial goods. All of this boosted the USDX. It ended up 0.56% at 103.5.

Gold ETF holdings decreased

As of the 7^th April, gold holdings decreased by 6.02 tons to 926.78 tons, according to the data from the world’s largest Gold ETF——SPDR Gold Trust.

Technically speaking, the bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAUUSD continued falling. The bearish market trend prevailed in the short term. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that XAUUSD will fall further. Investors should focus on whether XAUUSD will break through the support at 2940. It will decline further with potential support at 2880 if it breaks below 2940.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and declined. The bearish market trend prevailed in the short term. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether XAUUSD will break through the resistance at 3016. It will fall if it rebounds but is capped at 3016.

Key resistance: 3016,3055

Key support: 2940,2880

Generally speaking, XAUUSD is more likely to fall further in the short term. Investors could sell as it rebounds during the day.