Gold prices hit new high in in the morning, It has made a new record, shrugging off easing bets on U.S. rate cuts as safe haven demand for the yellow metal remained buoyant ahead of more cues on the U.S. economy. A rally in gold persisted even as technical indicators showed the yellow metal was squarely in overbought territory- a scenario that usually indicates limited upside potential. Gold prices rose as the dollar showed limited reaction to a blowout nonfarm payrolls report for March.The report, released on Friday, showed the U.S. labor market remained strong. Such a scenario gives the Federal Reserve little impetus to begin trimming interest rates early. But the dollar showed little strength after the reading, offering gold some more headroom to push higher. Uncertainty over U.S. rates also remained in play ahead of key consumer price index inflation data, due this Wednesday.\u00a0 But worsening global geopolitical concerns also kept safe haven demand for gold alive. The Russia-Ukraine war continue to rage on, with new strikes on the Zaporizhzhia nuclear plant causing some alarm. In the Middle East, concerns over a war between Iran and Israel also remained in play, although Israel was seen holding some peace talks with Hamas in Egypt.\u00a0<\/p>\n\n\n\n
But spot gold jumped as much as 0.7% on Monday to a record high of $2,353.81 an ounce, while gold futures expiring in June rose 0.8% to a record high of $2,372.45 an ounce.<\/p>\n\n\n\n
CURRENTLY GOLD IS MOVING ON UP TREND<\/mark>.<\/strong><\/p>\n\n\n\n Expecting correction up to 2330.05<\/p>\n\n\n\n Today’s important levels for trading are 2287.97, 2309.10, 2350.54 and 2371.67<\/p>\n\n\n\n Trading Strategy for today: Buy on Dip<\/mark><\/strong><\/p>\n\n\n\n Trade setup:<\/mark><\/strong><\/p>\n\n\n\n Pullback Buy around 2330.50 Deeper Buy around 2320.50<\/p>\n\n\n\n Safe swing sell below 2313.50 Important Event<\/mark> : No Events<\/strong><\/p>\n\n\n\n Gold prices hit new high in in the morning, It has made a new record, shrugging off easing bets on U.S. rate cuts as safe haven demand for the yellow metal remained buoyant ahead of more cues on the U.S. economy. A rally in gold persisted even as technical indicators showed the yellow metal was […]<\/p>\n","protected":false},"author":1,"featured_media":486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,38],"tags":[],"class_list":["post-484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-technical-analysis"],"yoast_head":"\n
Safe swing buy above 2353.50<\/p>\n\n\n\nRemark: This market analysis is published to increase your awareness, but not to give instructions to make a trade.<\/mark><\/h6>\n","protected":false},"excerpt":{"rendered":"