In today’s Asian trading session, gold prices remained under pressure, trading below the $2,300 mark. This comes after a week of significant losses fueled by fears of sustained high U.S. interest rates ahead of the Federal Reserve meeting and key inflation data releases.

Analysis:

Gold prices have been volatile recently, affected by economic indicators that influence interest rate expectations. Last week, the metal experienced a sharp decline from near-record highs following unexpectedly robust nonfarm payrolls data. This data prompted traders to reassess their expectations for a potential rate cut by the Federal Reserve in September.

Market Opportunities:

For investors, the current dip in gold prices presents both risks and opportunities. Those looking to hedge against inflation and economic uncertainty might find this a favorable entry point to invest in gold. Conversely, those concerned about further interest rate hikes might prefer to wait for more definitive signals from upcoming economic reports.

Logical Analysis:

The current trend in gold prices highlights the market’s sensitivity to U.S. economic data, particularly employment and inflation figures. With the Federal Reserve’s meeting and the Consumer Price Index (CPI) report due this week, investors are closely watching for cues on future monetary policy. The anticipation of these events has kept the gold market cautious, with potential for significant movements depending on the outcomes.

Technical analysis

Gold - Usd Dollar Analysis Technical analysis 10/06/2024

Time Frame: 1 hour

GOLD Support & Resistance Table – 10/06/2024

Support & ResistanceLevelExplanation
Resistance 22320.20Daily R2
Resistance 12309.83Daily R1
Support 12282.17Daily S1
Support 22271.80Daily S2

GOLD Indicator Table – 10/06/2024

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

GOLD Indicator / Period Table – 10/06/2024

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

GOLD 10/06/2024 – Reference Price : 2293.90

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

👉Explore AI-powered Automated Trading Today! Register for a free trial now!

Read about the automated trading software on Investing.com

Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join our mailing list to receive daily signals, market analysis with precise entry and exit points and free educational videos.

You have Successfully Registered!

Trustpilot