02 May Thursday Update

We had a little retracement yesterday from 35626 to Low 34731, closed at 35173. This could be because of some early reaction before FED Meeting or could be some profit taking.

Anyway, even since the longer time frame trend remains bearish, Gold is recovering very impressively the loss it bared a couple of weeks ago. This recovery is still intact with the trend line shown in the image. Long as this trend line holds it should try to push the price further upside. Besides this trend line there is another support we can see in daily view, 35086, 50% retracement of the previous fall. But we also think for any further upside move it must first convincingly break and hold 35285 level first. And then from there we can target to 35600 and 35845. But if the current support gives up then it could see 34700 and 34325 levels.

Today we have Minimum Bid Rate expected 0.5% than of previous 0.75% and ECB Press Conference (to communicate with investors regarding monetary policy) - Eur ; Trade Balance and Unemployment Claims - USD which could trigger some volatility in the market.