Gold - Usd Dollar Analysis

EU Session Analysis for CFD Instruments 05/04/2024

Fundamental analysis

05 April, 2024

Gold prices are trading below recent highs in today’s Asian session around 2280 levels.

Gold prices dropped during Asian trading on Friday, pulling back from recent record highs in anticipation of the release of Nonfarm Payrolls and Unemployment Rate data. Last month, the Unemployment Rate unexpectedly increased (3.9% compared to the expected 3.7%), prompting a $34 rise, equivalent to a 1.54% surge, in gold prices.

However, the precious metal could see support from increased demand for safe-haven assets, particularly amidst growing tensions in the Middle East due to escalating rhetoric between Iran and Israel.

Additionally, a strengthening dollar added pressure on gold, as the greenback gained ground following a series of hawkish remarks from Federal Reserve officials.

Technical analysis

Time Frame: 1 hour

GOLD Support & Resistance Table - 05/04/2024

Support & Resistance	Level	Explanation
Resistance 2	2307.67	Daily R2
Resistance 1	2296.24	Daily R1
Support 1	2265.76	Daily S1
Support 2	2254.33	Daily S2

GOLD Indicator Table - 05/04/2024

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 - 05/04/2024

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 05/04/2024 - Reference Price : 2280.60

Buy

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

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