In today’s Asian trading session, gold prices surpassed the $2,380 mark, driven by a confluence of factors that are bolstering investor interest in the safe-haven asset.
The escalation of geopolitical tensions in the Middle East, particularly following Israel’s recent missile strike in Tehran, has heightened market uncertainty, prompting investors to turn to gold. This increase in demand reflects concerns over the stability in the region, which historically triggers a flight to safety among investors.
Additionally, gold’s allure has been magnified by a weakening U.S. dollar, making gold more affordable for holders of other currencies and thus increasing its appeal. The demand for gold has also been supported by robust buying from Chinese investors and strategic acquisitions by central banks, aiming to diversify their reserves amid global economic uncertainties.
These combined forces are contributing to the upward trajectory in gold prices, offering a lucrative opportunity for investors who anticipate continued volatility in global markets. In fact, leveraging advanced Artificial Intelligence (AI) has enabled market participants to navigate these fluctuations successfully. Remarkably, those utilizing AI technologies in their trading strategies have reported achieving over 34% Return on Investment within the last 24 hours, highlighting the significant impact of predictive analytics on investment success.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 19/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2425.19 | Daily R2 |
| Resistance 1 | 2407.25 | Daily R1 |
| Support 1 | 2359.39 | Daily S1 |
| Support 2 | 2341.45 | Daily S2 |
GOLD Indicator Table – 19/04/2024
| 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 – 19/04/2024
| 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 19/04/2024 – Reference Price : 2380.64
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
👉Explore AI-powered Automated Trading Today! Register for a free trial now!
✅Read about the automated trading software on Investing.com
