In today’s early trading hours in Asia, gold’s price witnessed a notable rise, surpassing the 2330 mark. This surge underscores gold’s continued appeal as a reliable asset, with investors turning to the precious metal amidst ongoing global uncertainties and awaiting further indicators from the U.S. economy.

Despite a surprisingly robust U.S. nonfarm payrolls report for March, which showcased the enduring vigor of the labor market, gold prices advanced. This labor market strength typically lessens the urgency for the Federal Reserve to lower interest rates prematurely. Yet, gold’s allure did not wane, as the dollar’s reaction to this economic data remained subdued.

The backdrop of rising geopolitical risks further fueled the demand for gold as a safe haven. Tensions between Russia and Ukraine have not abated, highlighted by recent incidents at the Zaporizhzhia nuclear facility. Meanwhile, in the Middle East, the situation between Iran and Israel remains tense, despite Israel’s ongoing peace negotiations with Hamas in Egypt.

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This analysis not only highlights the enduring strength and stability of gold as an investment option but also emphasizes the transformative impact of technology in enhancing market analysis and decision-making processes.

Technical analysis

Gold - Usd Dollar Analysis Technical analysis 08/04/2024

Time Frame: 1 hour

GOLD Support & Resistance Table – 08/04/2024

Support & ResistanceLevelExplanation
Resistance 22365.60Daily R2
Resistance 12353.34Daily R1
Support 12320.66Daily S1
Support 22308.40Daily S2

GOLD Indicator Table – 08/04/2024

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

GOLD Indicator / Period Table – 08/04/2024

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

GOLD 08/04/2024 – Reference Price : 2333.52

BUYSimple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2)

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