Gold Analysis – 01.May.2024
Gold Analysis: Upon reviewing the gold chart in the 2-hour timeframe, we observe that, as per our primary analysis and expectations, the decline continued and managed to correct down to $2281! As we had marked on the chart two weeks ago, the range of $2268 to $2284 was an important demand zone where we expected the price to show a positive reaction after reaching this zone, and that’s exactly what happened! Today, gold was able to grow from $2281 to $2300, which means a return of nearly 200 pips! We will likely witness heavy fluctuations in gold today because in about an hour, we will have the Final Manufacturing PMI, ISM Manufacturing PMI, and JOLTS Job Openings data, which will directly impact the dollar index and cause heavy fluctuations in gold. Moreover, tonight the Federal Reserve will announce the interest rate, followed by a Federal Reserve press conference, which could accompany the price with heavy fluctuations. So, be careful with your personal trades!
(This Post on TradingView)
Author : Arman Shaban
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