In today’s Asian trading session, gold prices hovered above the $2310 mark. Despite a relatively quiet mid-week on the economic data front, gold has managed to maintain an upward trajectory. However, the strength of the US Dollar and recent hawkish comments from the US Federal Reserve are likely to cap gains for the precious metal in the near term.
Significantly, global gold demand has seen an uptick, spurred by robust activity in the over-the-counter markets and sustained acquisitions by central banks. A recent World Gold Council report highlighted increased buying from Asia, particularly China and India, which continues to bolster the market.
Moreover, ongoing geopolitical uncertainties in the Middle East have heightened investor appetite for safe-haven assets, potentially increasing gold’s appeal during turbulent times. In a remarkable demonstration of technology’s impact on finance, individuals utilizing advanced AI systems have been able to predict these market movements effectively, achieving a 34% Return on Investment in just the last 24 hours by setting their investment strategies on autopilot. Discover their strategies.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 09/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2341.68 | Daily R2 |
| Resistance 1 | 2331.96 | Daily R1 |
| Support 1 | 2306.04 | Daily S1 |
| Support 2 | 2296.32 | Daily S2 |
GOLD Indicator Table – 09/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
GOLD Indicator / Period Table – 09/05/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Neutral | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GOLD 09/05/2024 – Reference Price : 2316.32
| BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (0) |
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