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19 April 2024,02:04

Trading BlogTrading Knowledge

Gold Price Gains on Risk Aversion, Fed’s Bostic Remarks

19 April 2024, 02:04

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Fundamental Analysis

* Shining Bright: Gold prices continue to hold strong, supported by increased geopolitical tensions concerning Iran and Israel. As reported by The Times, Prime Minister Benjamin Netanyahu of Israel has stated that “his country will take all necessary measures to protect itself.”. The comments from PM Netanyahu came after his conversation with foreign ministers from the United Kingdom and Germany.

Technical Analysis

* Technical Breakout: Gold price was traded higher while currently testing near the resistance level 2400.00. MACD which illustrate bullish momentum signal suggest the commodity to further extend its gains.

* Resistance and Targets: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 2450.00 after the price breach above the level 2400.00. Conversely, a failure to breach above the level would indicate a technical correction and head back towards 2335.00

Understand how technical analysis can help you in this trading opportunity.

Potential Risks

Moving forward, markets will closely monitor the ongoing developments in the Middle East to assess future trends. Additionally, investors will keep an eye on US economic indicators, which could impact the Federal Reserve’s stance on interest rates, thereby affecting commodity prices.

Know how to manage trading risks with risk management strategies.

Monitoring

Stay updated on US data, Middle East tension, Fed updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.

Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!

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Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.

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