In today’s trading session within the Asian market, gold prices have soared, nearing record-breaking levels at approximately the 2300 mark.
The ascent to these new heights in gold prices comes on the heels of US Federal Reserve Chair Jerome Powell’s recent statements. Powell has underscored that the latest employment growth figures and the surge in inflation rates do not necessitate a significant shift in the Federal Reserve’s economic policy stance for the current year.
He further elaborated that, should the economy continue on its expected trajectory, there might be an opportunity for the Federal Reserve to adjust the policy interest rate downwards within the year.
Gold, traditionally seen as a bulwark against inflation and a preferred asset in times of geopolitical and economic uncertainty, has appreciated over 11% this year alone. This remarkable upsurge is attributed to substantial acquisitions by central banks and a heightened demand for assets considered to be safe havens.
This narrative not only highlights the potential for astute investment in gold but also illustrates the profound impact of technological advancements on market predictions. For the layperson, this translates into a clearer understanding of the opportunities within the gold market and how it can be leveraged for significant financial gain.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 04/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2324.50 | Daily R2 |
| Resistance 1 | 2313.14 | Daily R1 |
| Support 1 | 2282.86 | Daily S1 |
| Support 2 | 2271.50 | Daily S2 |
GOLD Indicator Table – 04/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
GOLD Indicator / Period Table – 04/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Sell | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GOLD 04/04/2024 – Reference Price : 2296.30
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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