Forex. Gold trading forecast and signal for today, April 30
On Thursday, the price of Gold fell sharply and was able to recoup only part of the losses, reaching the level of $1,772 per troy ounce.
Whenever US yields rise, Gold falls, and yesterday again saw the effects of this. Further price movement will be dictated by the US data. Today's GDP report for the first quarter will be critical for determining the future dynamics of the asset. In the reporting period, economic growth in the country probably accelerated, helped by aggressive government assistance to households and businesses. Meanwhile, the US regulator left interest rates and its bond-buying program unchanged, and Fed Chairman Jerome Powell said that it was not yet time to start discussing any changes in monetary policy.
The World Gold Council assumes that the demand for the precious metal in China in 2021 will grow and return to pre-crisis levels, unless there are drastic changes in the global economic and geopolitical situation. Chinese consumers are more active today than even two years ago, when there was uncertainty about the consequences of a trade war with the United States. According to the Council, in China, consumer demand in the first quarter of 2021 rose to 286 tons, compared with the previous quarter, which is in sharp contrast to the trend of global demand for Gold, which fell to a 13-year low. The boom in jewelry demand was supported by three main factors: improved economic conditions, lower prices, and increased sales due to the holidays.
Gold Trading Signals
The forecast assumes a recovery in the price of Gold to the levels of 1780, 1785 and 1790 Dollars per troy ounce.