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playrouletteonlineforrealmoney| The price of gold has fallen back but the upward trend is still there. If it breaks through US$2352, it will look up to US$2400!

Home 2024年05月08日 10:01 6 editor

Huitong Financial News-- April 7PlayrouletteonlineforrealmoneyMarket analyst Christian Borjon Valencia saidPlayrouletteonlineforrealmoneyOn Friday, US non-farm payrolls data for April fell short of expectations, lagging behind March data. Coupled with the entry of ISM manufacturing and service PMI into contraction, this could weaken the dollar, which is a ride on gold prices.

playrouletteonlineforrealmoney| The price of gold has fallen back but the upward trend is still there. If it breaks through US52, it will look up to US00!

So far, gold has risen more than 12% in 2024 on expectations that major central banks will start to cut interest rates. Fears that tensions could escalate in the Middle East could push gold prices higher.

The Fed is more likely to cut interest rates after the US data are released, and traders expect a rate cut of 36 basis points by the end of the year.

Although gold prices fell on Tuesday, the upward trend still exists. According to the relative strength index (RSI), momentum is good for buyers because RSI is in the bullish zone. Therefore, buyers can take advantage of "bargain hunting".

If gold falls below the $2300 mark, it could put pressure on bulls as the latest cyclical low is seen at a low of $2233 on May 3. Once it falls below that position, it could open the door to testing a 50-day moving average of $2249.

On the other hand, if buyers boost gold prices, the next resistance level will be the April 26 high, the latest cyclical high of $2352. Once broken, the next upside target will be $2400, followed by a high of $2417 on April 19th and an all-time high of $2431.

Spot gold daily chart 9:54 Beijing time, spot gold reported 2309Playrouletteonlineforrealmoney.48 dollars per ounce

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