Hello there! If you’re looking for today’s gold (XAUUSD) market technical analysis dated April 15, 2024, you’ve landed in the right spot. Guriforex is dedicated to keeping our readers informed about the latest market updates and offering comprehensive technical analysis setups. Without further ado, let’s dive into our analysis.
Gold Market Record-Breaking Week Sees Prices Surge Despite Dip:
Global gold prices have seen a downturn, with spot gold dropping by 3.2 USD from last week’s close to reach 2,340 USD per ounce.
The past week was quite eventful for the world gold market, marked by a series of record-breaking moments. On Friday, XAUUSD prices surged by as much as 98 USD, the second-largest increase since December last year when prices soared above 2,150 USD per ounce within a short span.
Analysts observe that investors who missed out on the March rally are keen to enter the market during this dip. However, determining the right entry point poses a challenge. Gold has been defying conventional “headwinds” consistently, reaching new record levels. While the upward momentum persists, there are key support levels to monitor, starting at 2,350 USD per ounce and then at 2,285 USD per ounce.
Experts maintain that gold’s upward trajectory is just starting. Despite potential prolonged positive monetary policies by the US Federal Reserve due to high inflation, gold showcased resilience by closing the week at a record high of 2,360.2 USD per ounce.
From a technical standpoint, gold is currently trading above the crucial trendline zone, generating upward waves without breaking below 2,365. If this strength continues into the US trading session, it could breach the 2,365 resistance and approach the SELL zone around 2,388. Support levels post-trendline break remain at 2,328 and 2,305.
