Technical Analysis: XAUUSD

XAUUSD fell for two consecutive trading days

On Wednesday, XAUUSD fell for two consecutive trading days. It ended down 0.87% at US$3288.41 per ounce.

The USDX continued rebounding

On Wednesday, the USDX continued rebounding after rising for the second straight trading day. It ended up 0.43% at 99.64.

Gold ETF holdings decreased

As of the 30^th April, gold ETF holdings decreased by 2.87 tons to 944.26 tons, according to the data from the 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, MACD went downwards after death cross occurred, showing that XAUUSD will fall further. Investors should focus on whether XAUUSD will break through the support at 3193. It will decline further with potential support at 3167 if it breaks below 3193.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, KDJ 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 3267. It will fall if it rebounds but is capped at 3267.

Key resistance: 3267,3320

Key support: 3193,3167

Generally speaking, XAUUSD is more likely to fall further in the short term. Investors should focus on US economic data during the day.