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.

It’s noteworthy that investors utilizing advanced AI tools have been able to navigate these market conditions effectively. Specifically, those leveraging a particular AI solution have reported exceptional results, achieving an autopilot forecast of market movements and realizing a 34% Return on Investment (ROI) in just the last 24 hours. Learn more about this AI tool.

Technical analysis

Gold - Usd Dollar Analysis Technical analysis 15/05/2024

Time Frame: 1 hour

GOLD Support & Resistance Table – 15/05/2024

Support & ResistanceLevelExplanation
Resistance 22379.13Daily R2
Resistance 12370.50Daily R1
Support 12347.50Daily S1
Support 22338.87Daily S2

GOLD Indicator Table – 15/05/2024

IndicatorSignal
SMA 20Buy
SMA 50Buy
SMA 100Buy
MACD( 12;26;9)Buy
RSI (14)Sell
Stochastic ( 9;6;3)Buy

GOLD Indicator / Period Table – 15/05/2024

Indicator / PeriodDay – BuyWeek – BuyMonth – Buy
MACD( 12;26;9)BuyBuyBuy
RSI (14)SellBuyBuy
SMA 20BuyBuyBuy

GOLD 15/05/2024 – Reference Price : 2358.24

BUYSimple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (1)

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