In today’s Asian market session, gold prices maintained a position above the 2380 level, reflecting a subtle retraction from the week’s earlier gains. This recent adjustment in gold prices comes after several Federal Reserve officials tempered expectations for immediate interest rate reductions, presenting a cautious stance that influenced investor sentiment.
Earlier in the week, gold surged close to $2,400 per ounce, fueled by weaker-than-expected U.S. economic data that had initially heightened expectations for rate cuts. Nevertheless, as the week progressed, a subtle shift in market dynamics was observed. By Thursday, gold prices began a gradual descent, continuing into Friday. This volatility highlights how gold remains acutely reactive to shifts in economic forecasts and central bank signals, underscoring the intricate interplay between macroeconomic indicators and market movements.
Amidst these fluctuations, some investors are leveraging advanced artificial intelligence tools to navigate the markets, with notable success. Users of one such AI tool have reported forecasting market movements in autopilot and achieving over 34% Return on Investment in just 24 hours.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 17/05/2024
Support & Resistance | Level | Explanation |
Resistance 2 | 2402.85 | Daily R2 |
Resistance 1 | 2393.49 | Daily R1 |
Support 1 | 2368.51 | Daily S1 |
Support 2 | 2359.15 | Daily S2 |
GOLD Indicator Table – 17/05/2024
Indicator | Signal |
SMA 20 | Buy |
SMA 50 | Buy |
SMA 100 | Buy |
MACD( 12;26;9) | Buy |
RSI (14) | Buy |
Stochastic ( 9;6;3) | Buy |
GOLD Indicator / Period Table – 17/05/2024
Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
MACD( 12;26;9) | Buy | Buy | Buy |
RSI (14) | Buy | Buy | Buy |
SMA 20 | Buy | Buy | Buy |
GOLD 17/05/2024 – Reference Price : 2381.10
BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (3)Sell (0) |
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