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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the XAUUSD for 23rd April 2024.
Key Takeaways
Risk aversion has subsided: Iran and Israel expressed restraint to avoid further conflict. The decline in risk aversion sentiment caused gold price to fall more than 2.5% on Monday as the market repatriates their capital into riskier assets such as US stocks.
Oversupply in the futures market: Strong rise in gold price for the past three months prompted gold miners to pre-sell the commodity at higher price to ensure profits in case of inflation. A large influx of new orders in the futures market may inhibit further rise in gold price due to excess in supply.
Technical Analysis
Daily Chart Insights
Stochastic Oscillator: The indicator formed short signal in the overbought region on April 12, cementing a divergence formation in between its price and the indicator. Yesterday’s decline signifies the process of adjustment, with the possibility of its price maintaining its downtrend for short-term. However, the correction is expected to end when the indicator approaches the oversold region.
Price Action: Yesterday, gold price fell sharply toward its nearest support which then rebound slightly during Asian trading session this morning. The rapidly induced selloff signifies possible short-term short-sell which may be reverted soon. Nonetheless, if it closes below the said support level, it will establish the cause for further downfall.
Upward channel line: Gold prices formed an upward channel since October last year. Nonetheless, if gold price continues to extend its downfall, next target will be focusing on the lower threshold of the channel. This is also where the 33-MA line (red) locates that would prove the next course of action for subsequent price action.
4-hour Chart Analysis
Stochastic oscillator: The substantial downfall of gold price prompts the indicator to enter extreme oversold threshold, which foreshadows a possible rebound in near-term.
Moving average: Gold price fell below two moving averages (33 and 65) yesterday, while nullifying its previous uptrend. If gold price closes below the support necline, it may head towards the next target at 200-MA line (dotted) in the near-term.
Pivot Indicator
According to the trading central in Ultima Markets APP, the central price of the day is established at 2345,
Bullish Scenario: Bullish sentiment prevails above 2345, first target 2355, second target 2363;
Bearish Outlook: In a bearish scenario below 2345, first target 2324, second target 2311.
Conclusion
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Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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