FX.co ★ XAU/USD, GOLD

D1 chart - trading instrument GOLD. March showed a powerful decline which was partially compensated. In April, there was a decrease in volatility. It all started simply with the formation of the mirror level at 5067. The price settled below it, stayed for a couple of days, and confidently fell down. I assumed that a decline would occur, but only to the ascending line that could be drawn here, and a bounce up was expected from it. But as it turned out, someone who moves the market decided otherwise, and this line practically gave no delay, the price passed through it as if it didn't exist. Then, on a smaller timeframe, it is better to see how a test from below of this line occurred after the breakout, it is also visible on the daily chart, but it is more vivid on the four-hour chart. After that, the decline continued. And I think it became quite bad for those who bought near the top because a very large distance has been covered. The MACD indicator at the same time moved into the lower selling zone and is decreasing below its signal line. It was obvious that the price would break below the low of the previous growth wave, that is, below the mark of 4379, which happened. The area below this low is a potential buying zone, especially since the CCI indicator is deep in the oversold zone. From there, the price quickly emerged upwards. Clearly, there was a fixation of these strong sales. A kind of inverted hammer was formed. There was a slow rise and a pullback up after a sharp decline. In general, it is obvious that metals will become more expensive over time, silver, gold, and others. But those who buy them around the world need prices not at the peaks but cheaper. That's why they periodically push them down to buy at a better price. After exiting the low zone, the price did not immediately go up, there was a pullback for the second wave of the younger four-hour period. And then the third wave was realized there, which reached the previously broken ascending line that provided a bounce. Now, after some stabilization regarding Iran, it seems that the conflict has officially been declared over, movement cannot be driven by this factor. There is support at the level and CCI has exited the oversold zone, providing a bounce up. There was no further development and there is a retest of the level. If the level can be pushed through, we will go below the low of the wave.

On the four-hour chart, when hitting the higher daily level, there is a bullish divergence on the MACD, which increases the likelihood of growth. However, the resistance level of 4562 needs to be broken, until that happens, there is a high probability of going down again. In today's economic calendar, the most important news is the Number of Job Openings in the US labor market.