Here is the update on XAUUSD for today, 3 April 2024. Gold prices (XAU/USD) are consolidating bullishly after reaching new highs around $2,288-2,289 during the Asian session. Geopolitical turmoil and uncertainty over Federal Reserve interest rate policy are driving investors to choose gold as a safe haven. The decline of the US dollar (USD) is also supporting gold prices. Despite overstretched conditions, gold prices are likely to rise against a backdrop of strong fundamentals.
 
Daily Market Movers Summary: Gold prices continue to increase as a safe haven amid geopolitical tensions. US data shows growth in the manufacturing sector, while the Federal Reserve is gradually assessing decreasing inflation. US bond yields have risen, limiting the decline of the US dollar. Investors are awaiting the employment report and speeches from FOMC members.
 
Technical Analysis of XAUUSD Today, 3 April 2024: Gold prices need to consolidate before rising again, as the RSI on the daily chart is already overbought.
 
From a technical perspective, gold prices have moved into uncharted territory, and recent momentum is strong enough to continue rising towards the $2,300 level. However, the RSI on the daily chart indicates an overbought condition, suggesting the need for caution. Therefore, it may be wiser to wait for a brief consolidation or slight pullback before taking a position for further gains.
 
A corrective decline finds support around $2,265 and $2,250, followed by the weekly low around $2,228. A break below this point may trigger technical selling and pull gold prices back to the psychological level of $2,200. This point will be significant, and a convincing break below it could shift market bias to bearish.
 
Warning!
 
That concludes the news on “XAUUSD Today: 3 April 2024 - Gold Prices Peak Amid Geopolitical Crisis.” Today's XAUUSD analysis is based on fundamental and technical insights from trusted sources and does not constitute advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct independent research on other forex information as a reference for your trading.
 
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