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Gold surged above $4150 as terrible employment statistics raised the likelihood of a rate cut. Having reached an intraday high of $4195, it's now hovering around $4173.
Precious metals like gold and silver are being favored by recent dovish remarks from the Federal Reserve Chair, together with a weaker-than-expected U.S. payrolls data. This mix usually drives up demand for gold and silver, with gold usually leading the first market reaction, therefore lowering the opportunity cost of holding non-yielding assets and so enabling simpler monetary policy and lower yields.
|
Technicals 60-MIN |
CMP -$4173 |
Trend |
|
|
4- Hour chart |
Value |
|
|
|
55 EMA |
$4105 |
CMP >55 EMA |
Bullish |
|
200- EMA |
$4090 |
CMP >200- EMA |
Bullish |
|
365- EMA |
$4143 |
CMP >365 EMA |
Bullish |
Near -term support -$4140. Major bearishness below $3940. Any violation below $4140 targets $4100/$4060/$4035/$4000/$3980/$3940. Near-term resistance - $4200/$4245/$4300/$4400.
|
Momentum indicator (4-hour chart) |
Inference |
Value |
|
CCI(50) |
Bullish |
117 |
|
ADX |
Neutral |
|
It is good to buy on dips around $4135 with SL around $4080 for a TP of $4300/$4400.
