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.

In the midst of these complex market dynamics, a noteworthy advancement in AI technology has equipped investors with the ability to navigate these turbulent waters with remarkable precision. Utilizing this cutting-edge AI, savvy investors have managed to stay ahead of market shifts, resulting in an impressive 34% Return on Investment (ROI) in just the last 24 hours. This technological prowess has transformed market prediction into a nearly autonomous process, further details of which are outlined here.

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

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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