Gold - Usd Dollar Analysis

US Session Analysis for CFD Instruments 20/05/2024

Fundamental analysis

20 May, 2024

Gold prices are trading in today’s European session above 2440 levels.

Gold prices reached a record high in European trading on Monday, driven by heightened geopolitical tensions in the Middle East, which bolstered safe-haven demand, along with a broader rally in metal markets. The stability of the region came under scrutiny following a helicopter crash involving Iranian President Ebrahim Raisi and his foreign minister amid bad weather on Sunday.

Back in April, gold prices had surged to record levels due to fears of a potential war between Israel and Iran, though such a conflict did not materialise. However, the current threat of further instability in the Middle East is once again supporting the yellow metal.

Tensions remain elevated as Israel continues its strikes against Gaza. Additionally, increased military action between Russia and Ukraine over the weekend also fueled safe-haven demand, with both countries launching strikes against each other.

Technical analysis

Time Frame: 1 hour

GOLD Support & Resistance Table - 20/05/2024

Support & Resistance	Level	Explanation
Resistance 2	2464.14	Daily R2
Resistance 1	2453.79	Daily R1
Support 1	2426.21	Daily S1
Support 2	2415.86	Daily S2

GOLD Indicator Table - 20/05/2024

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

GOLD Indicator / Period Table - 20/05/2024

Indicator / Period	Day - Buy	Week - Buy	Month - Buy
MACD( 12;26;9)	Buy	Buy	Buy
RSI (14)	Sell	Buy	Buy
SMA 20	Buy	Buy	Buy

GOLD 20/05/2024 - Reference Price : 2435.87

Buy

Simple Moving Average	Buy (3)	Sell (0)
Technical Indicators - Oscillators	Buy (1)	Sell (2)

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GOLD Chart

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