In today’s Asian trading session, gold prices hovered below the $2330 mark, struggling to extend the modest gains recorded the previous day. As the global markets digest a mix of economic signals, the precious metal exhibited limited fluctuations.
Yesterday’s release of the U.S. GDP data for the first quarter of 2024 highlighted a deceleration in economic growth paired with a rise in inflation rates, which traditionally would bolster gold’s appeal as an inflation hedge. Despite this, gold’s ascent is tempered by anticipations of a more aggressive monetary policy approach from the Federal Reserve.
The dollar’s lackluster performance added a layer of support for gold; however, the broader expectations of a stringent Fed are capping significant gains. In this complex economic landscape, savvy investors are turning to advanced tools for guidance. Notably, an AI-driven analysis tool has been instrumental in helping users navigate these turbulent waters, reportedly enabling them to achieve a remarkable 34% return on investment in just the past 24 hours. For more insights, click here.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 26/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2368.03 | Daily R2 |
| Resistance 1 | 2355.16 | Daily R1 |
| Support 1 | 2320.84 | Daily S1 |
| Support 2 | 2307.97 | Daily S2 |
GOLD Indicator Table – 26/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
GOLD Indicator / Period Table – 26/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GOLD 26/04/2024 – Reference Price : 2339.12
| BUY | Simple Moving AverageBuy (1)Sell (2)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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