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| Weekly Gold Analysis April 15th_19th, 2024 |
The gold market has witnessed significant movements during the past week of April 2024, as interest in gold as a safe haven increases amidst current global economic and political volatility due to the escalation of the Russian-Ukrainian and Israeli-Palestinian conflicts. This trend is expected to continue during the upcoming week from April 15th to 19th, 2024, with our forecasts indicating a continued rise in gold prices against the US dollar in the weekly gold analysis from April 15th to 19th, 2024.
- Weekly Gold Analysis April 15th_19th, 2024 1H Time frame
- Weekly Gold Analysis April 15th_19th, 2024 15 Minute Time frame
1,Weekly Gold Analysis April 15th_19th, 2024 1H Time frame
Our forecasts are based on technical analysis and the supply and demand principles, as the gold price chart indicates the current strength of the upsurge against the US dollar, which has persisted for several weeks. Despite the possibility of slight downward corrections in prices, we view them as opportunities to buy with more strength and momentum. All technical indicators support a rise in gold prices during the upcoming week from April 15th to 19th, 2024.
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| Weekly Gold Analysis April 15th_19th, 2024 1H Time frame |
Through technical analysis of the hourly timeframe in gold prices, the chart below illustrates a strong support level at 2387. This level is expected to be a strong rebound area for prices. Therefore, it is advisable to wait for confirmation signals of price rebound from this area before entering buying trades on gold. Any technical indicators can be used to enter gold buying from the area, but adherence to your daily trading plan is essential.
In the event of prices rebounding to the demand zone at 2387, buying orders can be placed in the area after conditions are met in smaller timeframes, with a first target set at 2400. The target is three times larger than the risk ratio, approximately at 2370, to protect the position in case of a change in direction.
2,Weekly Gold Analysis April 15th_19th, 2024 15 Minute Time frame
Regarding the half-hourly timeframe, we have a clear opportunity using the supply and demand principle. Buying from the 2387 area with a direct target at 2400 as the first target is possible. It is important to determine the stop level according to support and resistance levels and effectively manage risks.
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| Weekly Gold Analysis April 15th_19th, 2024 15m Time frame |
Risk alert :
The gold market is not without risks, and forecasts may change based on new fundamental developments, especially expected economic news during the upcoming week from April 15th to 19th, 2024. Therefore, it is advisable to follow daily analysis and economic and political developments to update the strategy based on current market conditions and avoid trading randomly without risk management and a daily trading plan.
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