Technical Analysis: XAUUSD

XAUUSD broke below the US$4600 mark

On Tuesday, XAUUSD decreased by about 2% and broke below the US$4600 mark, hitting a four-week low.

The USDX climbed

On Tuesday, the USDX was prone to fluctuation and climbed. It came close to the 99 mark at one point. It ended up 0.16% at 98.63.

Gold ETF holdings decreased

As of 28^th April, gold ETF holdings reached 1040.909 tons, a decrease of 3.428 tons from the previous day, according to the world’s largest gold ETF——SPDR Gold Trust.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAUUSD was prone to fluctuation and fell. The bearish market trend prevailed. 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 4554. It will decline with potential support at 4482 if it breaks below the support at 4554.

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, 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 4657. It will fall if it rebounds but is capped at 4657.

Key resistance: 4657,4700

Key support: 4554,4482

Generally speaking, the bearish market trend prevailed in the short term. Investors could sell as XAUUUSD rebounds during the day.