Gold pushing the $2,000 barrier – BullionFX Market Report 24/4/23
Gold has been trading over the weekend at around $1980 per ounce after recently breaking the $2,000 barrier and running to highs around $2050.
If Gold remains under last week’s low of $1996.50 there remains risk of further downside, with next market resistance seen at $1970, $1945, and $1929.
On the upside, if Gold breaks and holds above $2021 market indicates we may see further upside to come, and if we see gold break $2100/2120 market analytics indicate we could be in for a strong upward rally.
This week and next week we are likely to see wider market pressures including the US Dollar index (DXY) stabilising at support, and potentially gearing up for a 2-3% bounce. If the USD continues to rise in value it is likely Gold/USD may trade towards the $1950 mark.
Interest rate rises in the US are likely to push the value of DXY higher as investors flock to USD to take advantage of a higher cash rate, and if this occurs we may likely see short term downward pressure on Gold.
Bitcoin is leading the market at current, recently rallying to over $31,000 breaking the psychological $30,000 barrier and causing rumours of a new bull market. All eyes are on $36,000 as a key zone to break, however risk of more downside exists with resistance levels around $27,500, 26,000, $23,500 and further towards $19,500. Igf Bitcoin can find support at these levels, it may pave the way for a further high to around $36-38,000.
Subscribe now on our website for the latest insights and updates from BullionFX Market Reports.
Start trading on our DEX today.
Disclaimer – Opinions expressed on the BullionFX website/reports do not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. BULLIONFX Pty Ltd. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilisation of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such, BULLIONFX does not warrant or guarantee the accuracy, timeliness, or completeness of the information found here. The views and opinions expressed at BULLIONFX are those of the authors and do not necessarily reflect the official policy or position of BULLIONFX. Any content provided by our bloggers or authors is solely their opinion and is not intended to malign any religion, ethnic group, club, organisation, company, individual, or anyone or anything.
