Billionaire Mark Cuban, the owner of the Dallas Mavericks, hates both Gold and Bitcoin, saying they’re not viable alternatives to currency. Cuban also said both Gold and Bitcoin derive their values from supply and demand but have no inherent value. In the meantime, this 9 April Gold Price Technical Analysis shows that Gold sits above the 50-day MA of $1,330, having posted a positive candle with a long tail on Friday.
9 April, GKFX – As of writing, the metal is trading flat-lined around $1,333/Oz. The 0.5 percent rise in S&P 500 has put a bid under risk currencies. Still, the safe haven yellow metal has been able to defend the key moving average support.
That said, the support could be breached in a convincing manner if the dollar catches a bid in response to an uptick in the stock futures.
Focus on Boao forum and Fed minutes
Chinese President Xi Jinping is widely expected to announce major economic reforms at the Boao Forum for Asia on Tuesday. More importantly, the event offers Xi a chance to hit back at Trump’s tariff plan. Gold may find bids if Xi talks tough, boosting the odds of a full-blown trade war.
Also, the US inflation updates and the release of the minutes from the Federal Open Market Committee’s (FOMC) March meeting could influence the American dollar and gold.
9 April Gold Price Technical Analysis
A move above $1,335 (previous day’s high) would allow a stronger rally to $1,348 (April 4 high) and $1,351 (Feb. 1 high). On the downside, breach of support at $1,330 (50-day MA) could yield a pullback to $1,319 (Friday’s low) and $1,313 (100-day MA).
This article 9 April Gold Price Technical Analysis 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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