In the Asian market on Tuesday (April 9), spot gold maintained an intraday rebound trend. Currently, the price of gold is 2,345 US dollars/ounce. The well-known agency Windsor Brokers recently wrote an article analyzing technical trends in gold prices.
Against the backdrop of strong US economic data and heightened geopolitical tension, the Bank of Asia vigorously procures gold. Gold prices continued their record rise on Monday, reaching a record high for the 7th consecutive trading day.
Spot gold closed at $2338.69 per ounce on Monday, up 0.39%. The price of gold hit an intraday high of $2354.07 per ounce, a record high.
The People's Bank of China increased its gold reserves by 160,000 ounces in March, and Turkey, India, Kazakhstan, and some Eastern European countries have also been buying gold this year.
Here are the highlights of the article written by Windsor Brokers:
The price of gold continued to rise, reaching a record high (2,354 US dollars/ounce) in early Monday trading, continuing last week's 4% increase. The price of gold closed above the psychological threshold of 2,300 US dollars/ounce last week, which gave a strong bullish signal.
Gold is still well supported due to strong safe-haven demand and expectations that the Federal Reserve will cut interest rates (as early as June), which will depreciate the dollar.
Since the beginning of this year, the price of gold has risen by nearly 14%, with the biggest increase in March. The price of gold rose by nearly 10% in that month, the biggest increase in a single month since July 2020.
Although the daily, weekly, and monthly charts show strong technical overpurchases, the bulls are still firmly in control of the situation and have set the next target at $2,400 per ounce, but some corrective action is expected in the gold price.
$2,300 per ounce formed the initial support level, followed by the 10-day EMA ($2256 per ounce). Gold prices are strongly supported in the $2,200/oz region (rising 20-day EMA and psychological level). This area should limit the decline in gold prices and mark a healthy correction to a larger upward trend.
(Daily spot gold chart source: Windsor Brokers)
Resistance levels: $2,354/oz; $2,400/oz; $2,426/oz; $2,500/oz
Support levels: $2,300 per ounce; $2256 per ounce; $2222 per ounce; $2,200 per ounce
At 16:07 Beijing time, spot gold was reported at 2352.75 US dollars/ounce.
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