In today’s trading within the Asian markets, gold prices have experienced a notable rise, breaking past the $2330 threshold. This development marks a significant movement in the precious metals market, where gold continues to ascend to record levels despite the diminished prospects of immediate interest rate reductions by the United States.
The increase in gold prices can be attributed to its continued appeal as a reliable investment haven. This surge comes amidst anticipations for more definitive indicators of the US economic trajectory. Interestingly, the price of gold ascended even as the US dollar remained largely unaffected by the surprisingly robust nonfarm payroll report for March, unveiled last Friday. This report highlighted the enduring vigor of the US job market, thereby alleviating some urgency for the Federal Reserve to consider premature rate cuts.
Furthermore, the backdrop of intensifying global geopolitical conflicts has invariably bolstered the demand for gold as a sanctuary asset. Ongoing hostilities between Russia and Ukraine, especially with recent developments at the Zaporizhzhia nuclear facility, have raised global alarms. Additionally, tensions in the Middle East, particularly concerning Iran and Israel, although mitigated somewhat by peace negotiations between Israel and Hamas in Egypt, continue to drive investors towards the safety of gold.
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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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