In today’s trading session in Asia, gold prices have dipped below the $2330 mark. This decline is primarily attributed to investors taking profits before the anticipated interest rate decision by the US Federal Reserve, set for Wednesday. This cautious approach is underscored by a broader market optimism and a strengthening US dollar, which are contributing to the downward pressure on gold prices.
Moreover, the precious metal’s traditional role as a safe-haven asset is currently being tested by developments in global geopolitics. Recent reports, including one from CNN News, highlight ongoing peace negotiations in the Middle East, where Egypt has proposed a ceasefire that includes the release of 33 hostages. Such developments are soothing some of the geopolitical anxieties that typically drive investors towards gold.
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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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