In today’s trading within the Asian markets, gold has seen a decline from its recent peak levels, currently positioning itself around the 2280 mark. This shift in gold prices comes ahead of the highly anticipated Nonfarm Payrolls and Unemployment Rate data releases. Reflecting on the previous month, an unexpected uptick in the Unemployment Rate to 3.9% from the forecasted 3.7% led to a notable increase in gold prices by $34, marking a 1.54% uplift.
Despite this pullback, gold remains a focal point for investors seeking refuge in safe-haven assets, especially given the current geopolitical strains escalating in the Middle East, particularly between Iran and Israel. This enduring appeal underscores gold’s value as a stable investment during times of uncertainty.
Moreover, the strength of the US dollar has exerted additional downward pressure on gold prices. This surge in the dollar’s value can be attributed to a series of assertive comments from Federal Reserve officials, highlighting the intricate relationship between currency valuations and commodity prices.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 05/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2307.67 | Daily R2 |
| Resistance 1 | 2296.24 | Daily R1 |
| Support 1 | 2265.76 | Daily S1 |
| Support 2 | 2254.33 | Daily S2 |
GOLD Indicator Table – 05/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
GOLD Indicator / Period Table – 05/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GOLD 05/04/2024 – Reference Price : 2280.60
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (3)Sell (0) |
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