In today’s Asian market session, gold prices soared, breaking past the 2280 mark to reach unprecedented heights.
This surge in gold prices on Wednesday was propelled by a strong demand for safe-haven assets in the aftermath of a devastating earthquake in Taiwan. Furthermore, the ongoing ambiguity regarding the trajectory of U.S. interest rates has fueled investor interest in gold.
The broader financial scene also witnessed a notable downturn in stock market performances, attributed to a decrease in risk appetite among investors. This shift has paradoxically increased the allure of gold, even as the U.S. dollar and Treasury yields experienced an uptick, influenced by the assertive stance of Federal Reserve officials on monetary policy.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 03/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2308.90 | Daily R2 |
| Resistance 1 | 2297.80 | Daily R1 |
| Support 1 | 2268.20 | Daily S1 |
| Support 2 | 2257.10 | Daily S2 |
GOLD Indicator Table – 03/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Neutral |
| Stochastic ( 9;6;3) | Sell |
GOLD Indicator / Period Table – 03/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Neutral | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GOLD 03/04/2024 – Reference Price : 2284.94
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |