Gold prices hit new highs : what’s coming next?07 Apr 202407 Apr...

Gold prices hit new highs : what’s coming next?


07 Apr 202407


Apr Gold’s spot price (XAU/USD) wrapped up another bullish week, adding $100, rising by +4.65% and reaching new all-time highs at $2,330 per ounce. This surge has been driven in part by anticipation of reduced interest rates within the year, ongoing geopolitical conflicts, and some speculative purchases.

The upward trajectory of gold is unmistakable, especially after it established a significant low near $1,614 towards the end of 2022. With a pronounced long-term uptrend evident in both weekly and daily analyses, and with no immediate barriers in sight, numerous traders and investors are eyeing opportunities to buy on dips. As for technical support, the weekly analysis highlights a potential support level at $2,147, though it would require a considerable pullback to hit this mark anytime soon. On the daily chart, the first layer of support stands at $2,280, beneath which, a dip to $2,223 could be expected should the support fail.
On a shorter time frame, the H1 chart points to $2,304 as an immediate support level that could offer a foundation for price stabilization in the event of a downturn this week, with the next level of daily support at $2,280 just below...

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