MGC1! I got these 3 scenarios I am looking at right now. A lot of it depends on what the SPY decides to do. If we pump above 570 with strong momentum, we might break through that trendline and go towards our Wave C target or stopping at that 3210 level and creating a double bottom.
If S&P price begins to reverse around the 570 level, I expect gold to do what the orange scenario shows.
MGC1! We got a consolidation printing Higher highs and higher lows. If this consolidation is not done, I expect price to hit that 1h FVG before reversing down towards another FVG. The other theory is based on the impulse not being over yet and the target is a new ATH. Fed's decision today will dictate the move. Lower rates = pump on S&P + dump on gold, and vice-versa.
Gold prices have continued their upward trend over the past three sessions. On May 1st, spot gold (XAU/USD) reached the 3202.09 range. Gold prices surged nearly 3% today and 7% in last four sessions, climbing from $3202 to $3434.96 per ounce as of today.
This rally has been fueled by strong post-holiday buying from China and growing concerns about potential U.S. tariffs on pharmaceutical imports. The market also responded to an announcement from the administration calling for a 100% tariff on all foreign-produced movies in the U.S., while investors remain focused on the upcoming Federal Reserve policy decision.
Gold prices continued to rise today during the morning US session.
This follows a recent 5% drop in precious metals, particularly gold, over the past 1 weeks—driven by central bank buying and differences in the gold-to-silver price ratio.
Gold has also shown more volatility than silver in last few sessions.
Looking before to the US market close, I believe it's an ideal time to sell as much gold and silver as possible at current levels.
In my view, we can expect a downward move of more than 10% in Gold spot XAUUSD either later today or within the next two sessions.
Based on my trading strategy for Spot Gold (XAUUSD): Don’t miss the chance to capitalize on a potential downside move of over -10% in gold—possibly occurring today or by the end of the week.
Before the US market closing today, spot gold (XAUUSD) touched around $3434.96 per ounce, while June Gold Futures traded near the $3444.47 mark.
This price zone could represent a strong selling opportunity, consistent with typical profit-taking behavior.
At these elevated levels, many traders may choose to secure profits, which could lead to a pullback in the market.
If spot gold begins to decline, it may drop toward the intraday low around $3323.50 per ounce. A continued downturn could push prices further to approximately $3287.00—nearly $150 below the recent high. Additional weakness might offer further selling chances, potentially driving prices down to yesterday’s or the weekly low near $3237.81 per ounce. Continued declines could offer new selling opportunities, potentially pushing prices to the 10th April low of $3071.03 range per ounce.
MGC1! I got these 3 scenarios I am looking at right now. A lot of it depends on what the 
SPY decides to do. If we pump above 570 with strong momentum, we might break through that trendline and go towards our Wave C target or stopping at that 3210 level and creating a double bottom.
