In today’s Asian trading session, gold prices hovered above the 2390 mark, displaying stability after significant gains in the prior session. This steadiness comes in the wake of weaker inflation data that nudged the US dollar to a month-long low, fueling market expectations of potential interest rate cuts. Gold’s value is approaching the high levels seen in May, as traders increasingly bet on the Federal Reserve initiating rate cuts by September. The dollar’s weakening on Wednesday contributed to enhancing the value of gold and other metals, as investors recalibrate their strategies based on the anticipated easing of monetary policy.

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Technical analysis

Gold - Usd Dollar Analysis Technical analysis 16/05/2024

Time Frame: 1 hour

GOLD Support & Resistance Table – 16/05/2024

Support & ResistanceLevelExplanation
Resistance 22416.97Daily R2
Resistance 12406.70Daily R1
Support 12379.30Daily S1
Support 22369.03Daily S2

GOLD Indicator Table – 16/05/2024

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

GOLD Indicator / Period Table – 16/05/2024

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

GOLD 16/05/2024 – Reference Price : 2391.44

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

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