In today’s Asian trading session, gold prices hovered below the $2330 mark, reflecting a downward trend influenced by several key factors. Investors are taking profits in anticipation of the upcoming U.S. Federal Reserve interest rate decision, scheduled for Wednesday. This move is indicative of the broader market sentiment that remains cautiously optimistic, contributing to a decline in the traditional safe-haven appeal of gold.
Compounding this trend is the strengthening of the U.S. dollar, which typically inverses the price movements of gold. Moreover, geopolitical tensions, which often support higher gold prices, appear to be easing. Recent reports suggest potential progress in peace negotiations in the Middle East, with a proposal facilitated by Egypt that could lead to a ceasefire in Gaza, including the release of 33 hostages. This development has led to a reduction in geopolitical risk, subsequently diminishing gold’s status as a safe-haven asset during times of uncertainty.
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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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