This article comes from: financial circles
Recently, Zhongfu International Futures released the latest analysis on the dynamics of the gold market. According to it, the gold market as a whole has maintained an upward trend, but gold prices have faced short-term resistance in the near future. The previous week, the gold market experienced a lot under the influence of major news such as the FOMC interest rate decision and the April non-farm payrolls report.LivepokeronlineThe fluctuation. At present, analysts are keeping a close eye on the movements of the dollar and technical indicators in order to accurately judge the movement of gold prices in the coming week.
Zhongfu International Futures pointed out that the gold market is still under significant upward pressure. This is because in the current global economic environment, gold is seen as an important tool for preserving wealth and fending off global geopolitical risks. Spot gold briefly fell below the $2300 an ounce mark at the beginning of trading on Monday, but then showed a stabilisation and recovery. It is widely believed that $2320 is a small resistance level, but as long as there is enough time, gold prices are expected to continue to rise.
From a technical point of view, daily charts show that gold prices are still on an upward trend. Zhongfu International Futures Analysis team believes that the short-term resistance level is around US $2360, and once the gold price can effectively break through this level, it is expected to further reach US $2400. At the same time, $2280 is seen as an important support level.
In addition, the 50-day moving average is currently below the gold price, providing some support for the gold price. Therefore, from the point of view of technical analysis, it is recommended to buy when the gold price pulls back to a lower position. The agency also observed an overall depreciation of legal tender, including the US dollar. Although the dollar is relative to it.LivepokeronlineHis currency performance is slightly stronger, but this does not change his overall weakness. In this context, the gold market still shows a strong willingness to buy.
At present, market participants are particularly concerned about the hourly chart trend of gold. Spot gold prices rebounded strongly to around $2320 as the dollar weakened on Friday, but encountered resistance and fell back after hitting the 200-hour moving average (blue line). However, gold stabilized above $2300 at the beginning of the week and is expected to break further through the 200-hour moving average of $2317. Zhongfu International Futures said that the seller's price had approached its recent key level, which imposed some restrictions on the further rise in gold prices.
Monday's trading was described as "a relatively cautious start to the week" as the dollar was at a key technical point. However, gold buyers are poised to take full advantage of rising opportunities after gold prices break through recent key levels. Zhongfu International believes this could trigger a shift in market sentiment towards bullish sentiment and set a target near the April 26 high of $2352. However, at least for now, the above technical factors still need to be focused on.