In today’s Asian trading session, gold prices hovered above the 2350 mark, demonstrating resilience in the face of a depreciating US Dollar. Investors are closely monitoring the market as anticipation builds ahead of pivotal US consumer inflation data, which is expected to play a significant role in shaping Federal Reserve interest rate policies.
Recently, gold benefitted from an uplift after comments from Federal Reserve Chair Jerome Powell suggested that further increases in US interest rates might not be on the horizon. These statements have weakened the dollar, making gold a more attractive investment.
Market participants are now keenly focused on the upcoming US Consumer Price Index (CPI) release later today, which could provide further insights into the economic landscape and influence future monetary policy decisions.
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Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 15/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2379.13 | Daily R2 |
| Resistance 1 | 2370.50 | Daily R1 |
| Support 1 | 2347.50 | Daily S1 |
| Support 2 | 2338.87 | Daily S2 |
GOLD Indicator Table – 15/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Buy |
GOLD Indicator / Period Table – 15/05/2024
| 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 15/05/2024 – Reference Price : 2358.24
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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