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
Time Frame: 1 hour
GOLD Support & Resistance Table – 10/06/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2320.20 | Daily R2 |
| Resistance 1 | 2309.83 | Daily R1 |
| Support 1 | 2282.17 | Daily S1 |
| Support 2 | 2271.80 | Daily S2 |
GOLD Indicator Table – 10/06/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Buy |
GOLD Indicator / Period Table – 10/06/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Sell | Buy | Buy |
| SMA 20 | Sell | Buy | Buy |
GOLD 10/06/2024 – Reference Price : 2293.90
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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