Refer a friend

The price of GOLD could be set to move much higher, due to current global conditions, but will the price trade to the $2050.00 range highs?

Watch the video to learn more…

Gold Analysis

In a surprise move over the weekend OPEC has cut Oil output by a million barrels a day. 

This shock decision cast uncertainty in the market, as this could add to the global inflation pressures. 

As uncertainty continues to cloud the financial markets, investors are seeking a safe haven asset. This could be in the form of Gold. And there are several factors contributing to the upwards trend in gold prices. 

  1. Geopolitical tensions: As you may be aware, ongoing geopolitical tensions have created a sense of unease among investors. These tensions have led to an increased demand for safe-haven assets, like gold, as a means to hedge against potential losses.
  1. Economic uncertainty: The global economy has been experiencing a record rise in inflation putting pressure on the banking sector, with some banks collapsing. This uncertainty drives investors to seek out more stable investments, which is why we’re seeing a surge in gold prices.
  1. Inflation fears: Inflation has been on the rise, and central banks around the world have been taking measures to control it.  However, these measures can also contribute to economic uncertainty, driving investors to seek refuge in gold.
  1. Weakening US dollar: The US dollar has been weakening against other major currencies, which has historically been correlated with a rise in gold prices.  As the dollar weakens, investors tend to flock to gold as a more stable store of value.

The price of Gold rallied above the key resistance of $1955.00 recently. Gold has been in an upwards trend within a larger time frame range for some time. The highs of the range are between $2050.00 and $2077.00.

GOLD

How To Trade Forex Gold Technical Analysis 4-4-23

The price on the chart has traded through multiple technical levels and some observations included:

  • Gold prices have rallied into the key resistance highs.
  • Since then the price has formed a consolidation at the $2000.00 resistance.
  • If price traded through this consolidation pattern, it could trade higher towards $2050.00.
  • This will depend on the risk mood in the market, and if this sentiment doesn’t improve prices could trade much higher. 

Have you watched our Week Ahead analysis? You can see it here

Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you with your quick account setup for any future concerns. Start trading with Blueberry Markets today.

About The Author

Join us on Telegram
and get real-time
alerts on
Forex,
Indices, Gold, Crypto
and Share CFDs

Join now for free
telegram cta
bbjam graphic

Sign up to
Blueberry Jam

Back up your trade positions with insights
and how-to-guides, straight to your
inbox every week

Thank you. You have successfully subscribed to Blueberry Jam!