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Gold Price Prediction: April 28th to May 2nd
Donald Trump’s efforts to mediate between Russia and Ukraine, along with a tariff pause, have influenced customary markets. Gold prices have already dropped by 2000 points. Will it fall another 1000 points to $3200 this week? Let’s explore the potential XAUUSD gold price movements.
This week, several U.S. economic reports could impact gold prices. Here are the key events:
- tuesday: JOLTS report on job openings. More openings may weaken gold, while fewer could boost it.
- Wednesday: Advance GDP and ECI reports.A strong GDP could push gold down, while rising employment costs might encourage gold purchases.
- Thursday: ISM Manufacturing PMI and unemployment claims. A negative PMI could benefit gold.
- Friday: Non-Farm Payrolls (NFP) will significantly affect XAUUSD. Strong employment data might pressure gold, while weak data could spark a surge.
The ongoing Russia-Ukraine conflict and tensions between Pakistan and India could also influence gold prices. Indian households own over 25,000 tonnes of gold, potentially driving prices up.
Technically, gold shows a bearish weekly candlestick. A Fibonacci retracement suggests a bounce at $3154.78.
On the 4-hour chart, support is at $3247-3193. A drop below $3124 could lead to a move towards $3009.
For trading, focus on the $3247-3193 support zone. A bounce of 200-500 points is expected if prices tap $3226.</
