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| weekly gold analysis April 1-5, 2024 |
In the weekly gold analysis for April 1-5, 2024, I anticipate further upward movement and recovery in gold prices against the US dollar. Any downward correction in the upcoming week presents an ideal opportunity to buy gold.
Article Index:
- Gold Price Analysis for April 1-5, 2024
- Economic News Impacting Gold from April 1-5, 2024
- Weekly Gold Analysis: April 1-5, 2024 - Daily Timeframe
- Weekly Gold Analysis: April 1-5, 2024 - Four-Hour Timeframe
- Weekly Gold Analysis: April 1-5, 2024 - Hourly Timeframe
Gold prices continue to exhibit strong resilience against the US dollar, seemingly indifferent to economic events and geopolitical changes worldwide. Record-breaking gains have been achieved, surpassing previous milestones. Since the beginning of 2024, gold prices have been reaching new highs, with March 2024 witnessing a historic peak at $2236.
1.Gold Price Analysis April 1-5, 2024:
In the weekly gold analysis for April 1-5, 2024, I expect gold prices to establish new historic highs during April 2024.
Speculation has been mounting significantly since last week, particularly following the Federal Reserve's statement after its March 2024 meeting, hinting at the possibility of three interest rate cuts this year. This bolstered the precious metal towards achieving an unprecedented record high of $2236 per ounce.
2.Economic News Impacting Gold April 1-5, 2024:
It is expected that the Consumer Price Index (CPI) data will be released on April 3, 2024, which measures the rate of change in prices. This is a significant economic news event that could strongly influence the euro's movements in the coming week. The CPI is closely monitored by currency traders and is a key indicator for determining monetary inflation and buying trends within the Eurozone.
Traders are advised to exercise caution during gold trading from April 1-5, 2024, especially around the CPI release on Tuesday, 2024.
3.Weekly Gold Analysis: April 1-5, 2024 - Daily Timeframe:
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| Weekly Gold Analysis April 1-5, 2024 - Daily Timeframe |
4.Weekly Gold Analysis: April 1-5, 2024 - Four-Hour Timeframe:
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| Weekly Gold Analysis April 1-5, 2024 - 4H Timeframe |
In the four-hour timeframe analysis for April 1-5, 2024, I also anticipate a downward correction in gold prices at the beginning of the upcoming week, possibly revisiting the $2200 region before resuming the upward trend and filling the price gap.
5.Weekly Gold Analysis: April 1-5, 2024 - Hourly Timeframe
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| Weekly Gold Analysis April 1-5, 2024 - Hourly Timeframe |
Similar projections apply to the hourly timeframe analysis, where I've identified two demand zones that prices may reach before resuming the upward movement. These zones are between $2220 and $2224 and between $2200 and $2204 in case of breaking the first demand zone. Therefore, buying gold remains favorable across all timeframes for the week of April 1-5, 2024.
Furthermore, the anticipation of interest rate cuts is among the factors increasing the likelihood of easy money availability, consequently raising inflation and bolstering gold as a preferred hedge against inflation. This is expected to sustain the upward trajectory of gold prices in the short, medium, and even long term.
Gold has added approximately 8.5% to its value since the beginning of March, marking the best monthly performance since July 2022, when monthly gains reached 10.8%.
In conclusion, the outlook for gold remains bullish for the week of April 1-5, 2024, with expectations of establishing new historic highs amid favorable economic conditions and geopolitical uncertainties. Traders should remain vigilant, especially around key economic announcements, and capitalize on opportunities presented by potential price corrections.
More forecast and analysis on gold price for next week : 👉👉 here
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