In today’s Asian trading session, gold prices dipped below the $2330 mark, reflecting a broader market trend influenced by several key factors.
As investors await the upcoming decision from the U.S. Federal Reserve on interest rates, set for Wednesday, there has been a notable shift in market behavior. The anticipation of this decision has led to increased profit-taking activities, contributing to the decline in gold prices.
Moreover, the strengthening U.S. dollar, bolstered by a cautiously optimistic market outlook, has further pressured gold prices downward. The resilience of the dollar makes gold, which is dollar-denominated, less attractive to international buyers.
Adding to the mix, recent developments in global geopolitics have also played a role. Reports from credible sources indicate that Hamas is considering an Egyptian-proposed ceasefire in Gaza, which involves the release of 33 hostages. This potential easing of geopolitical tensions diminishes the allure of gold as a safe-haven asset.
It’s noteworthy to mention that amidst these market fluctuations, individuals utilizing advanced AI forecasting tools have reported a remarkable 34% return on investment over the last 24 hours, showcasing the power of technology in navigating complex market dynamics. For further details, visit this link.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 30/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2345.65 | Daily R2 |
| Resistance 1 | 2335.94 | Daily R1 |
| Support 1 | 2310.06 | Daily S1 |
| Support 2 | 2300.35 | Daily S2 |
GOLD Indicator Table – 30/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
GOLD Indicator / Period Table – 30/04/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Neutral | Buy | Buy |
| RSI (14) | Sell | Buy | Buy |
| SMA 20 | Sell | Buy | Buy |
GOLD 30/04/2024 – Reference Price : 2322.78
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (0)Sell (2) |
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