{"id":61098,"date":"2023-04-25T16:03:51","date_gmt":"2023-04-25T13:03:51","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=61098"},"modified":"2025-10-13T17:17:01","modified_gmt":"2025-10-13T14:17:01","slug":"gold-traders-await-us-gdp","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/id\/gold-traders-await-us-gdp\/","title":{"rendered":"Gold traders await US GDP"},"content":{"rendered":"

Emas<\/strong> moved slightly lower<\/strong> since last week<\/strong>, as a mixed<\/strong> market<\/strong> sentiment<\/strong> has chipped<\/strong> away at the precious\u2019 prior gains<\/strong> and at the time of this report trades around the $1985 level<\/strong>, remaining near last week\u2019s closing<\/strong> range<\/strong>. Following signs of increased<\/strong> economic<\/strong> activity<\/strong> yet heightened<\/strong> fears of a recession<\/strong>, it appears that the shiny<\/strong> metal<\/strong> is moving in a sideways<\/strong> motion<\/strong> as the markets await further information. In this report, we aim to shed light on the catalysts driving the precious metal\u2019s price, assess its future outlook and conclude with a technical analysis.<\/p>\n\n\n\n

Gold trades slightly lower following heightened recession fears.<\/strong><\/h2>\n\n\n\n

The mixed<\/strong> economic<\/strong> data<\/strong> stemming from the US<\/strong> has facilitated gold\u2019s<\/strong> descent<\/strong>, with the precious, gradually losing<\/strong> momentum<\/strong>. Last Thursday, the US Philly Fed Manufacturing Index<\/strong>, came in much lower<\/strong> than expected<\/strong> with the figure<\/strong> standing at -31.3, indicative<\/strong> of a continued deterioration<\/strong> of US manufacturing<\/strong> conditions<\/strong> further weakened<\/strong> the greenback<\/strong>, as the continued decline<\/strong> in manufacturing production<\/strong> further fueled fears<\/strong> of a recession<\/strong>.Following the Fed\u2019s Beige book release last Tuesday, the Philly Fed Manufacturing Index supported the Fed\u2019s statements that overall economic<\/strong> activity<\/strong> has remained relatively unchanged<\/strong> in recent weeks, with manufacturing<\/strong> activity being widely reported<\/strong> as \u201cas flat or down even as supply chains continued to improve\u201d,<\/strong> heightening fears of a recession<\/strong> in the US economy<\/strong>. Emas<\/strong> as a result saw inflows, as the bullion<\/strong> is universally considered<\/strong> to be a hedge<\/strong> against times of economic<\/strong> downturn<\/strong> due to its safe haven status<\/strong>. However, US PMI figures<\/strong> released on Friday painted a different<\/strong> picture<\/strong>, as gold<\/strong> traders saw a U-turn<\/strong> in the markets<\/strong> with fears<\/strong> of a recession<\/strong> being played<\/strong> down<\/strong> and the precious saw outflows<\/strong> as the greenback<\/strong> strengthened<\/strong>, reversing<\/strong> its gains<\/strong> in the previous trading session. It would appear that the contradictory<\/strong> figures<\/strong> have sent gold<\/strong> traders in limbo<\/strong>, as the stronger<\/strong> than expected<\/strong> Manufacturing<\/strong>, Composite<\/strong> & Services<\/strong> PMI<\/strong> figures could provide an indication<\/strong> that the Fed<\/strong> may continue<\/strong> with its rate<\/strong> hiking<\/strong> path<\/strong>, despite the alarm being sounded by the Fed\u2019s Beige Book and the Philly Fed Manufacturing index in regards to a recession<\/strong>. Even though fears<\/strong> of an impending<\/strong> recession<\/strong> cloud the markets, the short<\/strong>–term<\/strong> outlook appears<\/strong> to better<\/strong> than originally forecasted<\/strong>, which tends to provide support<\/strong> for the bullion<\/strong> ahead of this week\u2019s highly anticipated<\/strong> preliminary GDP rate for Q1<\/strong> dan crucial Core PCE data<\/strong>. Furthermore, we highlight<\/strong> that the US Treasury 2-year and 10-year yields<\/strong> have declined<\/strong> the past week, given that the risk that the US will default on its debt<\/strong> has increased. Therefore, as the US treads<\/strong> closer<\/strong> to its debt ceiling<\/strong> limits<\/strong>, this has facilitated<\/strong> temporary<\/strong> inflows<\/strong> into the precious<\/strong> metal as US treasury bonds<\/strong> are considered to be less attractive<\/strong> alternative, until the debt ceiling<\/strong> is raised by the legislative bodies<\/strong>. Hence, in the event that no progress is made and the US inches closer to the risk of defaulting<\/strong> on its debt, the door may open for further<\/strong> inflows<\/strong> into gold<\/strong>. Overall, as a result of contradicting<\/strong> financial releases<\/strong> and external political<\/strong> implications<\/strong>, it would appear that gold<\/strong> may continue hovering<\/strong> near the $2000 key psychological<\/strong> level until the market has adequate information, in order to reassess and readjust their outlooks. Finally, we also note that the FOMC<\/strong> has entered it\u2019s blackout<\/strong> period<\/strong>, with no policymakers<\/strong> holding<\/strong> speeches<\/strong> until after the Fed\u2019s<\/strong> meeting<\/strong> next Wednesday.<\/p>\n\n\n\n

Analisis Teknikal<\/strong><\/h2>\n\n\n\n

XAUUSD H4 Chart<\/em><\/strong><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n
    \n
  • Support: 1985 (S1), 1950 (S2), 1900 (S3)<\/li>\n\n\n\n
  • Resistance: 2015 (R1), 2045 (R2), 2075 (R3)<\/li>\n<\/ul>\n\n\n\n

    Gold\u2019s price seems to be moving in a sideways<\/strong> fashion<\/strong>, having broken<\/strong> below<\/strong> the upwards<\/strong> trendline<\/strong> on the 19th<\/sup> of April. We tend to maintain a neutral<\/strong> outlook<\/strong> as the price<\/strong> action revolves around<\/strong> the 1985 (S1) level<\/strong> with the RSI<\/strong> indicator staying near reading<\/strong> of 50. However, we highlight the fact that the precious<\/strong> metal<\/strong> has previously broken<\/strong> below<\/strong> S1<\/strong>, which may imply bearish<\/strong> tendencies<\/strong>. For our neutral<\/strong> outlook<\/strong>, to continue we would require<\/strong> gold\u2019s<\/strong> price to stay around<\/strong> the 1985 (S1) level<\/strong> and the 2015 (R1) resistance<\/strong> level<\/strong> with the RSI<\/strong> indicator<\/strong> remaining near<\/strong> 50. For a bullish<\/strong> outlook<\/strong> to occur we would like to see a clear<\/strong> break<\/strong> above<\/strong> the 2015 (R1) resistance<\/strong> barrier and a move towards the 2045 (R2) resistance<\/strong> line. On the other hand, should the bears<\/strong> take over, we would require a clear break<\/strong> below<\/strong> support<\/strong> at the 1950 (S2) level<\/strong> with the next potential target<\/strong> for the bears<\/strong> being the 1900 (S3) support<\/strong> base.<\/p>\n\n\n\n

    Disclaimer:
    This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced or hyperlinked, in this communication.<\/em><\/p>","protected":false},"excerpt":{"rendered":"

    Gold moved slightly lower since last week, as a mixed market sentiment…<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[376,355,386,411,780,338],"class_list":["post-61098","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-gold","tag-gold-market","tag-gold-price","tag-gold-traders","tag-market-research","tag-technical-analysis","blog-category-metals","blog_tag-gold","blog_tag-gold-market","blog_tag-gold-price","blog_tag-gold-traders","blog_tag-market-research","blog_tag-technical-analysis","entry"],"acf":[],"yoast_head":"\nGold Report: Gold traders await US GDP<\/title>\n<meta name=\"description\" content=\"We aim to shed light on the catalysts driving the gold price, assess its future outlook and conclude with a technical analysis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/id\/wp-json\/wp\/v2\/posts\/61098\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold traders await US GDP\" \/>\n<meta property=\"og:description\" content=\"We aim to shed light on the catalysts driving the gold price, assess its future outlook and conclude with a technical analysis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/id\/gold-traders-await-us-gdp\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-25T13:03:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-13T14:17:01+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/gold-traders-await-us-gdp\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/gold-traders-await-us-gdp\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"Gold traders await US GDP\",\"datePublished\":\"2023-04-25T13:03:51+00:00\",\"dateModified\":\"2025-10-13T14:17:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/gold-traders-await-us-gdp\\\/\"},\"wordCount\":777,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/#organization\"},\"keywords\":[\"gold\",\"Gold market\",\"gold price\",\"Gold traders\",\"market research\",\"Technical analysis\"],\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"id\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/gold-traders-await-us-gdp\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/gold-traders-await-us-gdp\\\/\",\"name\":\"Gold Report: Gold traders await US GDP\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/#website\"},\"datePublished\":\"2023-04-25T13:03:51+00:00\",\"dateModified\":\"2025-10-13T14:17:01+00:00\",\"description\":\"We aim to shed light on the catalysts driving the gold price, assess its future outlook and conclude with a technical analysis.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/gold-traders-await-us-gdp\\\/#breadcrumb\"},\"inLanguage\":\"id\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/gold-traders-await-us-gdp\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/gold-traders-await-us-gdp\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Gold traders await US GDP\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\""Our Introducing Brokers program offers competitive conditions tailored to our partners' needs. 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