GOLD setting a new highest peak in history

Updated

XAUUSD market continues its unstoppable trend, hitting a record high and up nearly 5% from last Friday. Gold prices continue to benefit from escalating geopolitical tensions, although the US March jobs report lent support to the USD.

Gold prices reached a new high despite strong US nonfarm payrolls data. The report showed an increase of 303,000 jobs in March, surpassing expectations. This suggests the Fed may be patient in fighting inflation. Although gold prices initially decreased, they later recovered and rose by over 1.5%. The market's short-term reaction indicates a demand for shelter.

The main factors driving gold price increases are starting to take effect more and there is more room for the next price increase. Issues such as rising tensions in the Middle East and Ukraine have increased the appeal of gold. Gold prices had their third consecutive weekly increase, after a series of recent records.
As geopolitical tensions in the Middle East heat up, gold's safe-haven function will gradually become more effective.

Data from the US Commodity Futures Trading Commission (CFTC) shows that for the week ending April 2, speculative net long positions in COMEX gold futures increased by 20,493 lots to 178,213 lots .

Notable economic data & events next week
Wednesday: US Consumer Price Index (CPI), Bank of Canada monetary policy decision
Thursday: ECB monetary policy decision, US core PPI, US weekly initial jobless claims
Friday: University of Michigan preliminary data on consumer sentiment

GOLD retreated from the threshold of 2,305 USD

Analysis of technical prospects for XAUUSD
Gold continuously creates new all-time highs. After gaining support from the 2,265 USD level, gold continued to break the peak and also broke the important resistance level at the Fibonacci 0.786% price point of 2,311 USD. Note to readers in the previous issue.
Gold now qualifies for a new bullish cycle as the next technical level in focus could be towards the $2,356 price point of the 1% Fibonacci extension.
The $2,311 – $2,300 level becomes the closest support after the above break, and a bearish correction is possible only if gold manages to bring price activity below the 0.786% Fibonacci level, even in the case of a bearish correction. Gold price will also be limited by the 0.618% Fibonacci level and the price point of 2,265USD.
In the coming time, the main trend of gold price will still be the upward trend from price channel in the short term and price channel in the long term.
Notable technical levels are listed below.
Support: 2,311 – 2,300 – 2,275
Resistance: 2,346 - 2,356

Note

🟢Gold prices continue to break records despite the strength of the dollar

Gold prices succeeded in breaking new records during trading today, Friday, and reached a new record during trading, despite the strength of the dollar after the release of positive American labor market data that is better than market expectations, which may affect upcoming American monetary policy decisions.

Note

🖥 GOLD MARKET ANALYSIS AND COMMENTARY - [April 08 - April 12]

Note

Gold bounced above $2,345

After adjusting down to nearly $2,300 at the beginning of the Asian session, gold has now rebounded sharply to above $2,345.

Note

Is a rate cut in June a certainty, what will the ECB say this week and what do they need to see in upcoming wages data? Is rising oil prices really something to worry about? These are 5 issues that investors want to receive answers from the ECB.

Note

Gold rose above $2,346

Gold traded around $2,340 early in the Asian session before rising more than $6 to above $2,346 today.

The market awaits the release of US inflation data tomorrow.

Note

SELL XAUUSD PRICE 2369 - 2367⚡️
↠↠ Stoploss 2373

→Take Profit 1 2362
↨
→Take Profit 2 2357

BUY XAUUSD PRICE 2326 - 2328⚡️
↠↠ Stoploss 2322

→Take Profit 1 2333
↨
→Take Profit 2 2338

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