Weekly Gold Analysis Saturday, April 3
The price of gold has been on the rise despite the growth of employment in the United States. In March, the United States, the world's largest economy, created 916,000 jobs. If inflation continues, will the Fed raise interest rates and reduce the attractiveness of gold for investment? The answer to this question is complicated! But first, gold must be examined technically.
According to the TCI indicator, a significant support level is formed at $ 1,738. This level is the intersection of the middle band of the Bollinger Band indicator in a four-hour time frame with levels of 23.6% weekly Fibonacci and 61.8% monthly Fibonacci.
If this support level is broken, the next target will be the level of $ 1,708. In this range, the 100-hour moving average indicator and the weekly S2 pivot hit a level of 38.2% Fibonacci monthly.
On the other hand, the first resistance level is formed at $ 1,732 (the intersection of the upper band of the Bollinger Band indicator and the level of 38.2% Fibonacci weekly).
If this resistance level is broken, the next target will be the $ 1,747 level. This resistance is formed at the intersection of the daily P2 R2 and the weekly R1.
