CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖
News hero gradient

Gold at Technical Crossroads Ahead of GDP, PCE; ASX 200 Stalls at Resistance

By :   Matt Simpson , Market Analyst
May 28, 2025 11:37 PM

View related analysis:

 

Gold’s technicals suggest a possible near-term pullback, but a break above key levels could signal a fresh rally. Meanwhile, the ASX 200 faces resistance near 8500, with traders eyeing Wall Street cues and upcoming GDP and PCE data.

 

Gold Futures (GC) Technical Analysis

A question at the back of my mind for gold is whether we’ve already seen the completion of an ABC correction. If we have, it suggests that prices will hold above 3120 and break above their record high. Keep in mind, this scenario could still allow for a pullback over the near term, but it must hold above wave C.

 

Another scenario for gold is, of course, a deeper correction, such as a double zigzag. Before we dismiss that possibility, note that gold bulls are on the cusp of failing to take out the prior month’s high for the first time since November — which marked the start of a two-month correction.

 

Gold Futures: Daily Chart

Prices are holding above the April low and the 20-day EMA. Interestingly, gold has also found support around 3295 once again on a daily-close basis, creating a near-term support zone around 3270–3295.

A break beneath 3270 would confirm a near-term top and open the door for a move towards 3200, near the 50-day EMA. However, bulls are likely to step back in and support prices, potentially forming a swing low. We’d need to see a break beneath 3125 before assuming a deeper correction.

 

 

ASX 200 Futures (Australian 200) Technical Analysis:

Prices initially continued higher on Wednesday to take the ASX 200 up 18.4% from its April low. However, resistance was met almost perfectly at the 8489 weekly VPOC (volume point of control), resulting in a reversal of the day’s gains and a shooting star reversal by the day’s close. This suggests near-term exhaustion to the trend below the 8500 handle.

Given the slight pullback on Wall Street, my preference is to fade into moves towards Wednesday’s high in anticipation of a minor pullback. A break beneath 8400 brings the 8327 level into focus, which has been pivotal in recent months. A break above 8500 assumes bullish continuation and brings the highs around 8600 into focus.

 

 

ASX 200 (Australian 200 Index) at a Glance

  • The ASX 200 cash market formed a shooting star candle on Wednesday to warn of near-term exhaustion
  • 106 ASX 200 stocks advanced, 75 declined, 719 were unchanged
  • Six ASX 200 sectors advanced (led by energy), five declined (led by financial)

 

Economic Events in Focus (AEST / GMT+10)

  • 11:00 – New Zealand Business Confidence (NZD/USD, AUD/NZD, NZD/JPY)
  • 11:30 – Australian Capital Expenditure (AUD/USD, ASX 200, AUD/JPY, AUD/NZD)
  • 15:00 – Japanese Household Confidence (USD/JPY, GBP/JPY, EUR/JPY, Nikkei 225)
  • 19:00 – BOE Breeden Speaks (GBP/USD, GBP/JPY, EUR/GBP, FTSE 100)
  • 22:30 – US Q1 GDP (Price Index, Core PCE Prices, Corporate Profits, Real Consumer Spending), Jobless Claims (USD, Gold, WTI Crude Oil, S&P 500, Nasdaq 100, Dow Jones)
  • 22:30 – Canadian Current Account, Average Weekly Earnings (USD/CAD, CAD/JPY)
  • 04:00 – FOMC Kugler Speaks (USD, Gold, WTI Crude Oil, S&P 500, Nasdaq 100, Dow Jones)
  • 05:00 – BOE Governor Bailey Speaks (GBP/USD, GBP/JPY, EUR/GBP, FTSE 100, FTSE 250)
  • 06:00 – FOMC Daly Speaks (USD, Gold, WTI Crude Oil, S&P 500, Nasdaq 100, Dow Jones)

 

 

-- Written by Matt Simpson

Follow Matt on Twitter @cLeverEdge

 

How to trade with City Index

You can trade with City Index by following these four easy steps:

  1. Open an account, or log in if you’re already a customer 

    • Open an account in the UK
    • Open an account in Australia
    • Open an account in Singapore

  2. Search for the market you want to trade in our award-winning platform 
  3. Choose your position and size, and your stop and limit levels 
  4. Place the trade

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

Delayed London Stock Exchange (LSE) Data

The London Stock Exchange (LSE) market data displayed or referenced on this website is provided on a delayed basis and is not in real time. The delay period may vary but is typically at least 15 minutes. This data is intended for information purposes only and should not be relied upon for trading, investment, or other financial decisions. We do not guarantee the completeness, reliability, or suitability of the data for any particular purpose. Users should consult real-time data sources and obtain professional advice before making any financial decisions.

© City Index 2026