In the Asian session, spot 
XAUUSD recovered slightly after yesterday's sharp decline. Gold prices are currently holding price action around the 0.382% Fibonacci retracement level, the nearest support point. On this trading day, investors will look at the Federal Reserve meeting minutes, which are expected to cause major volatility in the gold market.
On Tuesday, as the Trump administration once again released positive information on trade, the market's risk appetite recovered, reducing demand for safe-haven assets such as gold.
On Thursday, the US Federal Open Market Committee (FOMC) will release the minutes of its May monetary policy meeting.
At its May 7 monetary policy meeting, the FOMC kept its policy rate unchanged at 4.25%-4.50%, marking the third consecutive time this year. Federal Reserve Chairman Powell continued to maintain his "no rush to cut interest rates" stance.
The minutes released this time record the FOMC's detailed views on monetary policy and provide clues to the future direction of interest rate policy.
Economists generally believe that with few clear signs of stress in the labor market, Fed officials will be happy to keep rates on hold until changes in trade policy are reflected in the data, and the minutes are expected to reinforce that view.
There is a possibility that the tone of the minutes will be more hawkish than expected, which could support the US dollar to some extent, thereby affecting gold prices, but overall it will not create strong pressure.
But these are all predictions because I cannot predict what will be in the content of the US FED FOMC minutes, and all the content in the FOMC minutes will be directly reflected in the gold price. Traders need to pay special attention to this event on this trading day.
Technical outlook analysis ofXAUUSD
On the daily chart, gold is still struggling to trade above the confluence area as initial support with the emergence of the 21-day moving average (EMA21) with the 0.382% Fibonacci retracement.
The technical structure has hardly changed significantly with the trend still tilted to the upside. Holding above the $3,300 base point would be a good sign, on the other hand the $3,371 target would remain as a near-term upside target and a break of the 0.236% Fibonacci retracement on gold would provide the technical conditions for the next upside target around $3,400 in the near-term, followed by $3,435 more than the all-time high of $3,500.
The relative strength index RSI is above 50, which is also a good signal in terms of momentum, from the RSI we can see that there is still a lot of room for growth ahead.
During the day, the bullish outlook for gold prices will be noticed by the following technical positions.
Support: 3,292 – 3,250 USD
Resistance: 3,300 – 3,371 USD
SELL XAUUSD PRICE 3365 - 3363⚡️
↠↠ Stop Loss 3369
→Take Profit 1 3357
↨
→Take Profit 2 3351
BUY XAUUSD PRICE 3263 - 3265⚡️
↠↠ Stop Loss 3259
→Take Profit 1 3271
↨
→Take Profit 2 3277
XAUUSD recovered slightly after yesterday's sharp decline. Gold prices are currently holding price action around the 0.382% Fibonacci retracement level, the nearest support point. On this trading day, investors will look at the Federal Reserve meeting minutes, which are expected to cause major volatility in the gold market. On Tuesday, as the Trump administration once again released positive information on trade, the market's risk appetite recovered, reducing demand for safe-haven assets such as gold.
On Thursday, the US Federal Open Market Committee (FOMC) will release the minutes of its May monetary policy meeting.
At its May 7 monetary policy meeting, the FOMC kept its policy rate unchanged at 4.25%-4.50%, marking the third consecutive time this year. Federal Reserve Chairman Powell continued to maintain his "no rush to cut interest rates" stance.
The minutes released this time record the FOMC's detailed views on monetary policy and provide clues to the future direction of interest rate policy.
Economists generally believe that with few clear signs of stress in the labor market, Fed officials will be happy to keep rates on hold until changes in trade policy are reflected in the data, and the minutes are expected to reinforce that view.
There is a possibility that the tone of the minutes will be more hawkish than expected, which could support the US dollar to some extent, thereby affecting gold prices, but overall it will not create strong pressure.
But these are all predictions because I cannot predict what will be in the content of the US FED FOMC minutes, and all the content in the FOMC minutes will be directly reflected in the gold price. Traders need to pay special attention to this event on this trading day.
Technical outlook analysis of
XAUUSD On the daily chart, gold is still struggling to trade above the confluence area as initial support with the emergence of the 21-day moving average (EMA21) with the 0.382% Fibonacci retracement.
The technical structure has hardly changed significantly with the trend still tilted to the upside. Holding above the $3,300 base point would be a good sign, on the other hand the $3,371 target would remain as a near-term upside target and a break of the 0.236% Fibonacci retracement on gold would provide the technical conditions for the next upside target around $3,400 in the near-term, followed by $3,435 more than the all-time high of $3,500.
The relative strength index RSI is above 50, which is also a good signal in terms of momentum, from the RSI we can see that there is still a lot of room for growth ahead.
During the day, the bullish outlook for gold prices will be noticed by the following technical positions.
Support: 3,292 – 3,250 USD
Resistance: 3,300 – 3,371 USD
SELL XAUUSD PRICE 3365 - 3363⚡️
↠↠ Stop Loss 3369
→Take Profit 1 3357
↨
→Take Profit 2 3351
BUY XAUUSD PRICE 3263 - 3265⚡️
↠↠ Stop Loss 3259
→Take Profit 1 3271
↨
→Take Profit 2 3277
Note
🔴Spot gold prices fell below $3,290/ounce, down 0.30% on the day.Trade closed: target reached
Plan BUY HIT TP1 +80pips.😵😵😵Note
Gold price recovers slightly to above 3,270 USD/ozNote
Note
Dollar rally stalls as traders assess next step on Trump tariffsNote
🔴Spot gold prices fell below $3,300/ounce, down 0.53% on the day.Note
Gold accumulates around $3,295/ozNote
Spot gold prices fell below $3,360 an ounce, down 0.64% on the day.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.