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
Time Frame: 1 hour
GOLD Support & Resistance Table – 16/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2416.97 | Daily R2 |
| Resistance 1 | 2406.70 | Daily R1 |
| Support 1 | 2379.30 | Daily S1 |
| Support 2 | 2369.03 | Daily S2 |
GOLD Indicator Table – 16/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Neutral |
| Stochastic ( 9;6;3) | Neutral |
GOLD Indicator / Period Table – 16/05/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Neutral | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GOLD 16/05/2024 – Reference Price : 2391.44
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (0) |
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