XAUUSD H1 | Market View

- The daily closing price reversal bottom on Thursday did not change the main trend to up, but it did signal a shift in momentum. Furthermore, overcoming the long-term 50% level at 1908 is also a sign of strength. Nonetheless, buyers are still facing an uphill battle with potential resistance levels lined up at 1932 to 2003. Also Gold trader focus now shifts to the U.S. central bank’s two-day policy meeting starting on May 3, with officials expected to increase the target policy rate by half a percentage point.

- The main trend is down according to the daily swing chart, however, momentum is now trending higher following the confirmation of Thursday’s closing price reversal bottom. The daily chart indicate a move through 1870 could trigger an acceleration to the downside with potential targets coming in at 1824.