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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 344819, member: 106971"] [B]Gold Price Analysis for 17.4.2024[/B] [ATTACH type="full"]60705[/ATTACH] [B]Time Zone: GMT +2 Time Frame: 4 Hours (H4) Fundamental Analysis:[/B] The upcoming jobless report from the Department of Labor, due on April 18th, is anticipated to have a significant impact on gold prices. A positive report, indicating fewer people out of work than expected, may strengthen the dollar, leading to a potential decline in gold prices. Conversely, a negative report could weaken the dollar, possibly driving gold prices higher. Investors should monitor this report closely as it could provide a key signal for future price movements in the gold market. Technical analysis of gold prices shows that XAU/USD is nearing a critical resistance zone between $2420 and $2460, which could mark a turning point in the current bullish trend. Key indicators such as the MACD and RSI are suggesting a bearish reversal, with the MACD showing lower tops and the RSI displaying negative divergence. These technical signals, combined with the expected economic data, suggest that there may be a downturn in gold prices soon. Investors are advised to consider both fundamental and technical factors in their decision-making process. [B]Disclaimer: [/B]This analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. [B] FxGlory 17.04.2024 [ATTACH type="full" width="959px"]60706[/ATTACH][/B] [/QUOTE]
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