Gold touches targets and tries to recover 4/9/2024

Gold prices suffered significant losses yesterday, as anticipated in our previous technical report, reaching the key levels of 2486 and then 2470, with a low of $2473 per ounce.

From a technical standpoint today, we observe that gold has momentarily stabilized above 2486 and generally above 2476. A closer look at the 4-hour chart shows that the Stochastic indicator is beginning to send positive signals.

This suggests there may be attempts at recovery, with the potential to restore the primary upward trend. The initial target would be 2509, a resistance level that aligns with the 50-day moving average. A break above this could extend gains toward 2524 in the short term.

However, if the price falls below 2476, recovery attempts could be thwarted, and gold may resume its corrective decline, with targets at 2458 and 2443 as the next key levels.

Warning: The risk level is high, particularly amid ongoing geopolitical tensions, which could lead to significant price volatility.

Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.

S1: 2476.00	R1: 2509.00
S2: 2458.00	R2: 2524.00
S3: 2443.00	R3:  2542.00