In the article, I will delve into the weekly analysis of gold from April 22 to 26, 2024, relying on the principles of supply and demand and price action. I anticipate a continuation of the upward trend in gold prices in the weekly analysis.
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| Weekly Gold Analysis April 22-26, 2024 |
Gold Price Today April 22, 2024:
The price of gold today reached a level of 2394, and it is likely that gold prices today will move to reach a level of 2422 again. The lowest daily price for gold today is 2377, and the current price of gold is 2393.
Content of this article:
- Gold Price Today April 22, 2024
- The Iran-Israel Crisis and Its Impact on Gold
- Economic News and Gold from April 22 to 26, 2024
- Weekly Gold Analysis April 22-26, 2024
- Daily Gold Analysis April 22-26, 2024
1.The Iran-Israel Crisis and Its Impact on Gold:
Before discussing the weekly analysis of gold from April 22 to 26, 2024, I would like to point out that the current political events between Israel, Iran, and Western countries will not have a positive effect on the movement of gold prices because gold is a safe haven for money and is considered a secure asset during wars and crises. Therefore, the best option currently is to invest in gold.
2.Economic News and Gold from April 22 to 26, 2024:
The People's Bank of China announced that starting from April 22, 2024, the main lending rate will be calculated under a new and advanced mechanism. Based on the submissions made by banks responsible for pricing - the adjustment involves adding a few basis points to the interest rate for open market operations (essentially referring to the medium-term lending facility rate, known as MLF) - the main lending rate is now calculated by the National Financial Center of China in the usual manner, which serves as a reference for bank lending pricing. Currently, the LPR consists of rates with maturities ranging from one year to more than five years. Currently, LPR pricing facilities consist of 18 banks. Banks responsible for setting pricing rates submit their rates before 9:00 am on the twentieth day of each month (delayed during holidays), with 0.05 percentage points added to the NIFC rate. Therefore, the announcement by the People's Bank of China is the most important news to be released in the coming week on April 22, 2024, and it is likely to have a positive impact on gold prices.
3.Weekly Gold Analysis April 22-26, 2024
In the weekly analysis of gold from April 22 to 26, 2024, I expect further upward movement from the current level towards the level of 2428. Therefore, any downward correction will be a good opportunity to buy gold, as shown in the chart below. All technical and economic indicators currently support the rise in gold prices and achieving new record highs, especially with the current political events in the Middle East between Iran and Israel.
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| Weekly Gold Analysis April 22-26, 2024 |
4.Daily Gold Analysis April 22-26, 2024:
As shown in the chart above, gold prices rebounded from the 61 Fibonacci golden zone in the hourly timeframe, leading to a break in prices to the latest peak at a price of 2400, supporting the continuation of the upward trend in gold prices over the next few days. Therefore, technically, all technical indicators support a continuation of the rise in gold prices and achieving a new historical peak during the coming week from April 22 to 26, 2024.
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