In the Asian market on Monday (April 28), spot gold suddenly accelerated its decline. The price of gold is currently around $3,280/ounce, a plunge of $38 in the day. The easing of Sino-US trade tensions has weakened the safe-haven appeal of gold. After experiencing a sell-off storm that lasted for several days, the momentum of the gold market has significantly weakened, and the bullish sentiment of Wall Street institutions and retail investors has reversed simultaneously. Since breaking through $3,500/ounce last Wednesday, the price of gold has fallen by more than 5%.

In addition, this week will usher in a "super week", and US employment data will be the focus: JOLTS job vacancies on Tuesday, ADP employment report on Wednesday, initial jobless claims on Thursday, and the April non-farm employment report on Friday. Other important events include: Canadian federal election on Monday, US consumer confidence index on Tuesday, US first quarter GDP preliminary value, existing home sales and Bank of Japan policy meeting on Wednesday, and ISM manufacturing PMI on Thursday.

From the weekly level of spot gold, due to the high profit-taking of gold prices last week, it quickly fell back after reaching the 3500 mark, and the amplitude was quite amazing. Therefore, the K-line pattern recorded a long upper shadow negative line, which is not a signal that is conducive to the long side to rise again. It needs to be observed especially at the beginning of the week. However, from a long-term perspective, various technical indicators are still in an upward trend, so it is not ruled out that it will temporarily fall into a high-level wide-range fluctuation market.

From the daily level of spot gold, after last week's ups and downs, the current gold price barely stayed above the 3300 mark. However, given that the previous decline space was too exaggerated, the short-term moving average group turned downward, which may exert certain pressure in the future market, and the next important support protection will be near MA20. In addition, the MACD indicator may also have a dead cross signal, so it is recommended to temporarily keep selling high and buying low. Pressure: 3325-3335-3350 Support: 3310-3300-3290.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.