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.
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