In today’s trading within the Asian markets, gold prices have climbed to surpass the 2310 mark. This uptick in the gold market is primarily driven by the recent depreciation of the U.S. dollar, a reaction to the latest U.S. Nonfarm Payrolls data which has fueled speculation about potential interest rate cuts by the Federal Reserve later in the year. Lower interest rates could make gold, a non-yielding asset, more attractive to investors globally, hence driving up its price.
Moreover, robust buying by central banks and sustained demand from Asian buyers are underpinning gold’s current strength. Political uncertainties in the Middle East are also playing a role, potentially increasing gold’s appeal as a safe-haven investment amid heightened regional tensions. Notably, the use of advanced AI in forecasting such market movements has proven significant, with users of a particular AI platform experiencing a remarkable 34% return on investment within just 24 hours, showcasing the power of technology in modern financial strategies Learn more.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 07/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2353.13 | Daily R2 |
| Resistance 1 | 2339.79 | Daily R1 |
| Support 1 | 2304.21 | Daily S1 |
| Support 2 | 2290.87 | Daily S2 |
GOLD Indicator Table – 07/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
GOLD Indicator / Period Table – 07/05/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Neutral | Buy | Buy |
| RSI (14) | Sell | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GOLD 07/05/2024 – Reference Price : 2319.56
| SELL | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (0)Sell (2) |
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