Gold prices edged higher at the start of a new week/quarter and recovered a part of last week’s corrective fall from 1-1/2 month highs. What is the up-move attributed to? Let’s find out in this 2 April Gold Price Technical Forecast.
2 April, GKFX – The key US Dollar index, which measures the greenback performance against a basket of six other major currencies, eased on Monday and helped revive demand for dollar-denominated commodities – like Gold.
US-China trade helps regain traction
This coupled with some renewed trade tensions between the US, and China provided an additional boost to the precious metal’s safe-haven appeal and further collaborated to the up-move.
Meanwhile, a goodish pickup in the US Treasury bond yields, which tends to drive flows away from the non-yielding yellow metal, did little to hinder the up-move, albeit might now contribute towards capping further gains.
Currently placed at session tops, around $1331 area, investors now brace for this week’s crucial market moving economic releases, including the keenly watched NFP, to determine the commodity’s near-term direction.
2 April Gold Price Technical Forecast
Subsequent up-move beyond $1333 level now seems to get extended towards $1340 intermediate resistance en-route $1347-48 supply zone. On the flip side, retracement back below $1328 level now seems to drag the metal back towards $1322-20 area, which if broken could expose the significant 200-day SMA support near the $1310 region.
This article 2 April Gold Price Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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