In today’s Asian trading session, gold prices maintained positions above the $2320 mark. This level of trading reflects a complex interplay of global events and economic policies currently influencing investor sentiment toward this traditionally safe-haven asset.
A notable decrease in concerns related to the ongoing conflicts in the Middle East has somewhat lessened the urgency for investors to flock to safe-haven assets like gold. This easing of geopolitical tensions is subtly reshaping the investment landscape, reducing the immediate allure of gold, which typically benefits from global instability.
Further impacting gold’s appeal is the growing consensus among investors that the U.S. Federal Reserve is poised to keep interest rates high in the foreseeable future to combat persistent inflationary pressures. High interest rates tend to diminish the attractiveness of non-yielding assets such as gold, as they do not offer interest returns and cost more to hold compared to interest-bearing assets.
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Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 24/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2358.63 | Daily R2 |
| Resistance 1 | 2345.50 | Daily R1 |
| Support 1 | 2310.50 | Daily S1 |
| Support 2 | 2297.37 | Daily S2 |
GOLD Indicator Table – 24/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
GOLD Indicator / Period Table – 24/04/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Sell | Buy | Buy |
GOLD 24/04/2024 – Reference Price : 2329.54
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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