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
Time Frame: 1 hour
GOLD Support & Resistance Table – 08/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2365.60 | Daily R2 |
| Resistance 1 | 2353.34 | Daily R1 |
| Support 1 | 2320.66 | Daily S1 |
| Support 2 | 2308.40 | Daily S2 |
GOLD Indicator Table – 08/04/2024
| 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 – 08/04/2024
| 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 08/04/2024 – Reference Price : 2333.52
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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