Chart of the day – Gold (04/01/2024)

Chart of the day – Gold (04/01/2024)
Chart of the day – Gold (04/01/2024)

The price of gold recorded a strong increase in the last session of the first quarter of 2024. The price of gold rose to new record highs, above the level of $2,200 per ounce. However, from a year-to-date perspective, the price rally does not look that impressive as it has been in a consolidation since December that was broken in early March. Since the beginning of this year, gold has gained roughly 7%, and from a twelve-month perspective, this is a 10% increase.

The start of a new week, month and quarter is very optimistic. Gold opens with a bullish gap and continues to move up. From a daily perspective, gold is gaining 1.3% and rising to $2,165 per ounce in today’s session, a new all-time high. Gold is breaking the short-term rising trend channel and the long-term rising trend channel today. In addition, the outer retracement line of 161.8 was broken. It is worth noting that the seasonality indicator indicates growth up to 9-10. April before later consolidation. It is worth noting that the position of speculators is relatively high from an annual point of view, but at the same time it is not high from a historical point of view. This means that in the longer term, speculators can continue to bet on gold growth.

The rise in the gold market is due to speculation about the timing of the first interest rate cut in the United States. PCE inflation for February came out more or less in line with expectations and according to Powell was a good sign, although the Fed still needs more signs that inflation is moving towards its target. The market estimates the probability of a June rate cut at 65%.

The article is in Czech

Tags: Chart day Gold


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