In today’s trading in the Asian markets, gold prices hovered above the $2330 mark but faced downward pressure as market sentiment shifted. Investors are recalibrating their expectations regarding imminent interest rate cuts, focusing instead on key upcoming events that are likely to shape monetary policy directions.
This week is particularly critical for financial markets with the Federal Reserve’s policy meeting slated for April 30 to May 1. Market participants do not anticipate changes in interest rates and expect the Federal Reserve to hold rates steady between 5.25% and 5.5%. Additionally, the U.S. Non-Farm Payrolls data, set to be released this Friday, is another significant indicator that could influence the Fed’s monetary policy decisions.
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Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 29/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2358.46 | Daily R2 |
| Resistance 1 | 2346.69 | Daily R1 |
| Support 1 | 2315.31 | Daily S1 |
| Support 2 | 2303.54 | Daily S2 |
GOLD Indicator Table – 29/04/2024
| 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 – 29/04/2024
| 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 29/04/2024 – Reference Price : 2331.16
| BUY | Simple Moving AverageBuy (1)Sell (2)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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