During the US trading session on Wednesday (April 30), spot gold prices maintained a consolidation trend and traded around $3,306. After US President Trump signed an executive order to relax tariffs on auto parts and said that trade negotiations had made progress, gold saw profit-taking for the second consecutive day. As signs of easing trade tensions increase, the upward momentum of gold prices seems to be weakening. Short-term outlook: Gold prices may maintain a consolidation trend in the range of $3,260-3,380. If the Federal Reserve sends a stronger signal of interest rate cuts at the May meeting, or global trade tensions escalate again, gold prices are expected to break through the $3,500 mark and advance to $3,600. However, if trade tensions ease further and the improvement of US economic data leads to the Fed’s postponement of interest rate cuts, gold prices may face a deeper correction and even test the psychological level of $3,100.
Gold technical analysis: From the current market, gold continues its recent pattern, rising in the morning and then falling, fluctuating in the European session, and stabilizing in the US session. Around this rhythm, we can focus on the effectiveness of the $3,300 support level during the day. If the support can still be maintained after the European session fluctuates, and the US session stabilizes here, we can consider buying on dips. As the consolidation cycle continues to lengthen and the range continues to shrink, it indicates that the market is about to break the current volatile pattern. After the impact of Trump’s tariff policy gradually fades, the market is re-pricing gold, and it is inevitable that the trend will be repeated in this process. At the daily level, gold has been supported above the key low of $3,260 for 5 consecutive trading days. The overall situation is the previous two trading days. Although there was a decline later, it fell back. The price did not refresh the low point. The overall trend is more inclined to correct the real market after the low. Usually, the real decline or peak reversal is often accompanied by continuous weakening, rather than the current range repetition.
In summary, the previous idea remains unchanged. Today, we still look for low points to buy more, and the lower support above 3268 and 3260 remains bullish. As for the test of the upper suppression level. Once it breaks through 3330, or even further breaks through 3352, it will indicate that the bottom structure is becoming more stable. The current repeated shocks are actually building a new rising support platform, laying a solid foundation for the subsequent rising market. For the bottom, focus on 3260 and continue to be bullish. Overall, today’s short-term operation strategy for gold is to focus on callbacks and rebounds. The short-term focus on the upper side is 3300-3310 resistance, and the short-term focus on the lower side is 3260-3250 support.