GOLD - Trading strategy 05/09/2023
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Gold prices remained steady at approximately $1,938 per troy ounce on Monday and have not experienced significant movement for three consecutive days. This can be attributed to the holiday season in the US and Canada, resulting in a quiet FX market.
Positive Market Sentiment: The financial markets began the new week with an optimistic outlook due to positive news from China. Data indicated an increase in home sales in Beijing and Shanghai, suggesting a recovery in the local economy.
Deteriorating Market Sentiment: However, sentiment did not improve as Euro Area data fell short of expectations and European Central Bank (ECB) officials discussed further tightening of monetary policy. Inflation is still considered too high within the Euro Area.
Short-Term Market Outlook: Based on the 4-hour chart analysis, there is an increasing downside potential for gold prices as they start trading below the 20 SMA (Simple Moving Average). Additionally, both Momentum and relative strength index (RSI) indicators indicate weakening price momentum. The next level of support is at $1,933.30 per troy ounce, which represents a 50% retracement level.
Critical Support Level: The critical support level stands at $1,933.30 USD/troy ounce.
Key Resistance Level: The key resistance level is set at $1,944.85 USD/troy ounce.
Positive Market Sentiment: The financial markets began the new week with an optimistic outlook due to positive news from China. Data indicated an increase in home sales in Beijing and Shanghai, suggesting a recovery in the local economy.
Deteriorating Market Sentiment: However, sentiment did not improve as Euro Area data fell short of expectations and European Central Bank (ECB) officials discussed further tightening of monetary policy. Inflation is still considered too high within the Euro Area.
Short-Term Market Outlook: Based on the 4-hour chart analysis, there is an increasing downside potential for gold prices as they start trading below the 20 SMA (Simple Moving Average). Additionally, both Momentum and relative strength index (RSI) indicators indicate weakening price momentum. The next level of support is at $1,933.30 per troy ounce, which represents a 50% retracement level.
Critical Support Level: The critical support level stands at $1,933.30 USD/troy ounce.
Key Resistance Level: The key resistance level is set at $1,944.85 USD/troy ounce.
Nota
Currently, the price of gold has experienced a slight decrease compared to the previous trading session after reaching a peak of $1,952.79 per ounce, which was the highest level this month, and then dropping down to $1,936 per ounce.Nota
Despite significantly easing the Fed's hawkish bets, the US Dollar remains resilient as fears of a recession in the US have eased.
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