Gold prices in today’s Asian trading session have dipped below the $2,330 level. This decline is largely driven by investors capitalizing on gains ahead of a significant interest rate decision by the U.S. Federal Reserve slated for Wednesday. Concurrently, a shift towards a more optimistic market outlook and a strengthening U.S. dollar are exerting downward pressure on gold prices. In geopolitical developments, there’s a current focus on potential peace negotiations in the Middle East, as reported by CNN News, stating that Hamas is contemplating an Egyptian proposal to exchange 33 hostages for a ceasefire agreement in Gaza. This development is also contributing to the reduced demand for gold as a safe-haven asset, particularly as it could ease some of the geopolitical tensions that typically bolster gold’s appeal.
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) |
👉Explore AI-powered Automated Trading Today! Register for a free trial now!
✅Read about the automated trading software on Investing.com
