Today's gold price is $2330 per ounce, and I expect in the weekly analysis for gold from April 8 to 12, 2024, further recovery in gold prices against the US dollar. It is expected that gold prices will reach a new historical level at $2450 in the medium term.
Here is the content of the article :
- Gold Price Today
- Weekly Gold Analysis April 8-12, 2024 - Monthly Time Frame
- Weekly Gold Analysis April 8-12, 2024 - Daily Time Frame
- Weekly Gold Analysis April 8-12, 2024 - Hourly Time Frame
- Important Economic News Affecting Gold Movement April 8-12, 2024
1.Gold Price Today:
Gold prices achieved a historical record today, Monday, April 8, 2024, at $2330 per ounce, which is the highest price for gold in history. The lowest daily price for gold was $3323, while the lowest weekly price was $2229. It is observed that gold prices have experienced a strong upward movement since late 2023 until now or mid-2024, indicating the possibility of further ascent in gold prices in the long and medium term.
2.Weekly Gold Analysis April 8-12, 2024 - Monthly Time Frame :
In the weekly analysis for gold from April 8 to 12, 2024, as shown in the chart below and in the monthly time frame, it is possible to indicate that gold prices will continue to rise as long as gold prices remain within an upward monthly channel strongly. Therefore, the first expected target for gold prices is at $2450 before correction. Also, it should be noted that any correction in gold prices will be a strong and excellent opportunity for repurchasing or investing in gold. Gold is currently for buying only.
3.Weekly Gold Analysis April 8-12, 2024 - Daily Time Frame:
In the weekly analysis for gold from April 8 to 12, 2024, in the daily timeframe, I expect the same scenario for gold prices, which is the upward scenario as long as there is a strong upward movement in gold prices and as long as this movement leaves several strong daily price gaps, indicating the strong upward trend of gold prices. Therefore, any correction and rebound to price areas will be a good opportunity to buy gold.
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| Weekly Gold Analysis April 8-12, 2024 - Daily Time Frame |
4.Weekly Gold Analysis April 8-12, 2024 - Hourly Time Frame:
In the weekly analysis for gold from April 8 to 12, 2024, in the hourly timeframe, I will point out the best area to buy gold in the short term and in the hourly timeframe, i.e., in daily trading in gold. In the chart below, it is clear that gold prices have penetrated a strong upward price channel, indicating that gold prices will continue to rise in the coming days. Therefore, we will wait for any corrective decline in gold prices to the demand area between $2313 and $2303 to seize the buying opportunity in gold, as shown in the chart below with a risk-reward ratio of one to three.
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| Weekly Gold Analysis April 8-12, 2024 - Hourly Time Frame |
5.Important Economic News Affecting Gold Movement April 8-12, 2024:
We have two economic news releases during the next week from April 8 to 12, 2024. The first will be on Wednesday, April 10, 2024, and the second will be on Thursday, April 11, 2024. Therefore, be cautious about trading gold during the release of this news, and it is preferable to trade gold after the news is released or five minutes before its release:
Wednesday, April 10, 2024:
CAD - Interest Rate Decision by the Bank of Canada
CNY - Consumer Price Index (Monthly) (March)
CNY - Consumer Price Index (Yearly) (March)
CNY - Producer Price Index (Yearly) (March)
Thursday, April 11, 2024:
EUR - Borrowing Interest Rate (April)
EUR - Interest Rate Decision by the European Central Bank (April)
EUR - Press Conference for the European Central Bank
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