GOLD Analysis – Gold Breaks Another Record For Opening Q2 2024!


The attraction to gold assets is seen to continue to mount until it continues in the opening trade of April today.

If at the end of last March the price of the yellow metal managed to reach $2,230, today the price continues to show a higher increase to around $2,260 to record the latest high price in history.

With the momentum displayed, the price of gold is seen to have not finished hunting for the latest high record for this week.

Uncertainty in the movement of the US dollar currency benefits gold assets to continue to shine at the beginning of the second quarter of 2024.

Examining the movement on the XAU/USD chart, the price started this morning's Asian opening trading around 2240.00 and has surged to around 2260.00 at the close of the session.

The price that remains moving above the Moving Average 50 (MA50) line on the 1-hour time frame on the chart is seen to continue to maintain a bullish trend.

This situation, if it continues, is able to push the price up to a higher level after this with the closest possible target at the height of 2300.00.

There are expectations by market analysts who set a target of up to 2500.00 for gold to reach this year.

But be alert if the price suddenly makes a dive after losing the momentum of the previous increase.

The drop in price is expected to return to the concentration levels of the previous increase with the closest seen in the zone around 2220.00.

Next, the 2200.00 level will be the focus if the decline continues and signals for a bearish trend change will be observed.