📊 Gold declines for the third day in a row

The gold (XAU) price fell by 0.87% on Wednesday, pressured by concerns over the U.S. economic outlook.

👉Possible effects for traders

A weaker-than-expected Gross Domestic Product (GDP) report for Q1 showed that the U.S. economy had contracted by 0.3% instead of the expected 0.3% growth. The downturn was largely attributed to a more than 40% spike in imports, as businesses and consumers rushed to build inventories ahead. This happened due to anticipated tariff increases under Donald Trump's administration, highlighting the disruptive impact of ongoing trade tensions.

The ADP National Employment report also weighed on market sentiment. The data showed that private sector payrolls increased by just 62,000 in April, well below the estimates of 115,000. It marked the slowest pace of job creation since July 2024. The disappointing economic growth and soft labour market data have intensified fears of a potential recession. These concerns reinforce gold's role as a safe-haven asset, even as short-term price action remains volatile.

XAUUSD plunged by 1.63% during the Asian and early European trading sessions, hitting a low below $3,231. Today, the market will likely have to digest the announcement of the first tranche of deals that will reduce planned tariffs on some countries. In addition, U.S. macroeconomic reports may add extra volatility. Traders should focus on the Jobless Claims figures at 12:30 p.m. UTC and ISM Manufacturing Purchasing Managers' Index data at 2:00 p.m. UTC.

📲 More trading opportunities in our app

If the link doesn’t work, try a special one for your country:
🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

USDCAD, 15-minute timeframe chart

👉General outlook

USDCAD has been trading in a bullish trend for the last couple of hours.

👉Possible scenario

The best way to use this opportunity is to place a Sell order at 1.38178.

Set your stop loss at 1.38478 above the previous high ($2.17 loss for 0.01 lot) and take profit at 1.37877 ($2.17 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

@octa_analytics

‼️ Join Octa Analytics VIP

Unlock premium signals, exclusive offers, and important events to boost your trading success.

To become a member of Octa Analytics VIP, follow these easy steps:

1️⃣ Make sure you have $50 or more in your account.
2️⃣ Take a screenshot of your balance and send it along with your Octa real account ID to our @octa_vip_bot chatbot.
3️⃣ Await verification—usually, it’s completed within one business day.

Ready to take your trading to the next level? Let us steer you toward success. The sooner you join, the more you’ll benefit from our elite trading community!

💯 Limited-time offer 💯 Don’t miss the opportunity to use the BONUSVIP100 promo code for a 100% deposit bonus!

#economic_calendar

This event may affect the market on 2 May.

🔥 Don't forget to get a 100% deposit bonus!

GBPUSD, 15-minute timeframe chart

👉General outlook

GBPUSD has been trading in a bearish trend for the last couple of hours.

👉Possible scenario

The best way to use this opportunity is to place a Buy order at 1.32900.

Set your stop loss at 1.32600 below the previous low ($3.00 loss for 0.01 lot) and take profit at 1.33200 ($3.00 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

Some traders may close their positions on Friday, which can add more pressure to the market.

@octa_analytics

📊 Bitcoin is hitting highs again

Strong institutional inflows and supportive regulatory actions are largely driving the recent surge in Bitcoin (BTC) price. The launch of several spot Bitcoin exchange-traded funds (ETFs) catalysed broader institutional adoption, pushing total assets under management in these products beyond $250 billion.

👉 Possible effects for traders

Meanwhile, MicroStrategy—now operating under the name Strategy—reported its fifth consecutive quarterly loss, primarily due to a $5.91 billion unrealised loss on its Bitcoin holdings. Nevertheless, the firm remains committed to its Bitcoin strategy, announcing a $21 billion equity raise to finance further purchases. 'A key change under fair value accounting is that our Bitcoin holdings are now marked only on the final day of each quarter, not continuously', noted CFO Andrew Kang during the earnings call.

BTCUSD declined slightly during the Asian and early European trading sessions. Today, the market awaits the U.S. nonfarm payroll data at 12:30 p.m. UTC. Analysts forecast that 228,000 jobs were added in April. A higher-than-expected figure may trigger a bearish correction in Bitcoin, while softer data may support the bullish trend in BTCUSD.

📲 More trading opportunities in our app

If the link doesn’t work, try a special one for your country:
🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH