Gold Price Closes Below $2,300 for First Time in Nearly A Month
The Gold price was consolidating above $2,300 for a week after returning from $2,400, but today XAU resumed downtrend, falling below $2,300.
The Gold price was consolidating above $2,300 for several days after returning from $2,400, but yesterday XAU resumed the decline, falling below $2,300. Geopolitical tensions are calming somewhat which is helping to improve risk sentiment in financial markets, turning safe havens such as Gold, Silver and the Swiss Franc bearish.
Gold Chart Daily – The 20 SMA Turned Into Resistance 
GOLD has been consolidating over the past week after rebounding above $2,400 early last week, following months of robust demand. Buyers have maintained prices within a range, with gold prices fluctuating between $2,310 and $2,350, forming a solid trading range. However, today, XAU broke below this range and dropped below $2,300.
On the daily chart, Gold’s price remained below the 20-day Simple Moving Average (MA), which was acting as resistance at the top (depicted in grey). This signaled a more neutral near-term bias, with traders adhering to these technical parameters following the previous significant surge. However, today marked a break in this pattern as Gold closed below $2,300 for the first time since early April.
US April Consumer Confidence Data from The Conference Board
- Present situation index: 142.9 points, down from the previous reading of 151.0 points (revised to 146.8).
- Expectations index: 66.4 points, compared to the prior reading of 73.8 points (revised to 74.0).
- Jobs hard-to-get: 14.9, higher than the previous reading of 10.9.
- 15.4% of consumers expect their incomes to increase, down from 17.3% last month.
Gold Live Chart
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