In today’s Asian trading session, gold was active above the $2380 mark, reflecting a recent dip from its weekly highs. This week, gold approached the $2400 per ounce threshold, driven by softer-than-expected U.S. economic data that fueled speculations about possible interest rate cuts. However, the optimism was tempered by cautious statements from Federal Reserve officials regarding the likelihood of such cuts.
The price of gold began to retreat on Thursday, a pullback that extended into Friday, emphasizing the market’s acute responsiveness to economic forecasts and policy signals. This shift illustrates the intricate relationship between gold prices and central bank policies, particularly in how investors’ expectations for interest rate adjustments can significantly influence asset valuations.
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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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