In today’s Asian trading session, gold prices hovered around $2320 per troy ounce. The market witnessed a modest uptick, primarily influenced by the cautious stance of investors amidst mixed signals from Federal Reserve officials regarding the direction of future interest rate adjustments.
This week, gold’s status as a safe-haven asset was slightly bolstered due to increasing geopolitical tensions, notably between Israel and Hamas, where talks of a ceasefire have seen limited advancement. Despite these factors lending some support to gold prices, the strengthening of the U.S. dollar and the looming possibility of sustained high U.S. interest rates have tempered gains. Remarkably, leveraging sophisticated AI technology, some investors managed to navigate these market uncertainties in autopilot, achieving over 34% Return on Investment within the last 24 hours. Learn more about this AI-driven success.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 08/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2346.77 | Daily R2 |
| Resistance 1 | 2335.29 | Daily R1 |
| Support 1 | 2304.71 | Daily S1 |
| Support 2 | 2293.23 | Daily S2 |
GOLD Indicator Table – 08/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Buy |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
GOLD Indicator / Period Table – 08/05/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GOLD 08/05/2024 – Reference Price : 2317.77
| BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (3)Sell (0) |
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