#黄金技术分析 #24K99讯 Spot gold closed at around $2,338 per ounce this week, with a weekly decline of 2.3%, the biggest drop since December last year. Nicholas Kitonyi, an analyst at the well-known financial website FXDaily Report, wrote an article on Friday (April 26) to analyze future gold market trends.
Spot gold closed the week plummeted by $54.49, or 2.28%, to close at $2337.64 per ounce.
Kitonyi wrote in the article that the price of gold fell back from a daily high of about 2,350 US dollars/ounce to about 2,334 US dollars/ounce on Friday. On the 60-minute chart, the price of gold continues to trade within an ascending channel.
Kitonyi pointed out that despite some decline, the price of gold is still trading above the 100 hour moving average. Friday's pullback prevented gold from rising to the 14-hour overbought level of the Relative Strength Index.
Spot gold surged to 2352.59 US dollars/ounce during Friday's session, but spot gold fell sharply from its intraday high as better-than-expected US PCE inflation data stimulated the strengthening of the US dollar.
According to data released by the US on Friday, the US core personal consumption expenditure (PCE) price index rose 2.8% per annum in March, higher than the 2.7% increase expected by the market. As the most popular inflation indicator of the Federal Reserve, year-on-year changes in the core PCE price index have a great impact on policy makers.
Two pictures to see the future of gold technology
As far as short-term trends are concerned, Kitonyi said that from a technical point of view, the price of gold appears to be trading within an upward channel on the 60-minute chart. However, the 14-hour Relative Strength Index (RSI) recently declined to avoid a rebound to overbought conditions.
As a result, gold bears will seek a profit settlement when the price of gold falls back to around $2,320 per ounce, or lower than $2305 per ounce. Gold bulls, on the other hand, will seek a rebound in the price of gold to 2,350 US dollars/ounce, or even higher to 2,363 US dollars/ounce.
(60-minute spot gold chart source: FXDailyReport)
Kitonyi pointed out that on the daily chart, the price of gold still appears to be trading within an upward channel. However, the 14-day RSI has recently declined to get out of overbought status.
As a result, gold bears will seek to continue the decline in gold prices and move towards 2,251 US dollars/ounce, or higher, 2,169 US dollars/ounce. Gold bulls, on the other hand, will target long-term profit at around $2,429 per ounce, or higher at 2501 US dollars/ounce.
(Spot gold daily chart source: FXDailyReport)