In today’s Asian market session, gold is trading slightly below the $2360 mark. Investors are on edge as they await key U.S. economic indicators that could signal the Federal Reserve’s future monetary policy actions. Notably, the release of the U.S. Producer Price Index (PPI) scheduled for Tuesday and the Consumer Price Index (CPI) on Wednesday are pivotal. These reports follow a less-than-stellar U.S. employment report for April and recent subdued job figures, bolstering the expectation that the Fed might lower interest rates later this year.
Interest rate adjustments are crucial for gold investors as lower rates typically reduce the opportunity cost of holding non-yielding bullion. Despite this, Federal Reserve officials have provided mixed signals on the current interest rate environment, debating if rates are high enough to combat inflationary pressures. Adding to the complexity, a recent uptick in consumer inflation expectations could influence upcoming policy decisions.
This backdrop presents a prime opportunity for investors utilizing advanced trading technologies. Remarkably, those leveraging a particular AI have reported navigating these uncertain waters with considerable success, achieving a 34% return on investment automatically within the last 24 hours. Discover more about this AI-powered trading advantage.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 13/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2374.25 | Daily R2 |
| Resistance 1 | 2365.14 | Daily R1 |
| Support 1 | 2340.86 | Daily S1 |
| Support 2 | 2331.75 | Daily S2 |
GOLD Indicator Table – 13/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
GOLD Indicator / Period Table – 13/05/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Sell | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GOLD 13/05/2024 – Reference Price : 2351.37
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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