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

Gold - Usd Dollar Analysis Technical analysis 05/04/2024

Time Frame: 1 hour

GOLD Support & Resistance Table – 05/04/2024

Support & ResistanceLevelExplanation
Resistance 22307.67Daily R2
Resistance 12296.24Daily R1
Support 12265.76Daily S1
Support 22254.33Daily S2

GOLD Indicator Table – 05/04/2024

IndicatorSignal
SMA 20Buy
SMA 50Buy
SMA 100Buy
MACD( 12;26;9)Buy
RSI (14)Buy
Stochastic ( 9;6;3)Buy

GOLD Indicator / Period Table – 05/04/2024

Indicator / PeriodDay – BuyWeek – BuyMonth – Buy
MACD( 12;26;9)BuyBuyBuy
RSI (14)BuyBuyBuy
SMA 20BuyBuyBuy

GOLD 05/04/2024 – Reference Price : 2280.60

BUYSimple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (3)Sell (0)

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