Today's Gold Price Analysis

Gold Prices Fall as Investors Express Skepticism About Trump's Plan 

Gold and silver prices fell, along with industrial metals and stocks, after Trump's remarks dashed investors' hopes for a clear timeline to end the war. 

Gold prices fell by approximately 4%, reaching around $4,625 per ounce, while silver prices dropped by more than 6%.

This sharp decline on Thursday is attributed to concerns that rising oil prices will lead to higher inflation, which could prompt central banks to adopt tighter monetary policies, thereby causing the U.S. dollar to rise and gold to fall, as gold which generates no income tends to rise when interest rates are low.

Forecasts also suggest that the declines seen in the markets on Thursday may be due to investors cashing out ahead of the long Easter holiday.

Gold from a Technical Perspective

Gold prices rebounded from the $4,800 per ounce level, which had been our target since the start of the week’s trading, as mentioned in our weekly analysis video here.

Note that this strong rebound came after gold found support at the downtrend levels on the four-hour chart around $4,800 per ounce.

It has now managed to break below the rising price channel under the influence of Trump’s statements, and there is also a negative divergence on the MACD indicator that helped gold achieve this break.

Currently, gold is trading above the $4,590 per ounce support level.

We could sell directly from current prices, given that the price is retesting the broken channel, or it may be preferable to wait for a break below the $4,590 support level to confirm further declines toward $4,470 and then $4,360 per ounce.

This scenario would fail if prices rise again above $4,802 per ounce.

Caution is advised, as we have very important data coming out tomorrow:

U.S. jobs and unemployment figures.