Gold hit new highs today
Money Prices hit a new record high today. Gold spot rose to an all-time high of $2,081.82 per ounce. The move removed him $2075.14 from the 2022 and 2020 highs of $2070.59. That’s still up $7.07 or 0.34%. Going forward, we need to get back above his 2020/2022 highs to increase the bullish bias.
Drilling down to the hourly chart, today’s high has broken above the April 13th swing high of $2048.79. The price has been trading above and below that level after dropping to an all-time high of $2031 over the past few hours of trading.
what next?
If the price can trade comfortably above $2048.79 levels, a move towards $2070.42 levels will be watched.
Conversely, the midpoint of a 50% rise from the April 19th low would be $2025.31 (see yellow area in chart below). Below that level, the seller will start looking at his 100 hours. moving average Around $2003. The 200 hour moving average is $1992.30 (moving high). That MA will be another downside target that takes some of the ‘bullish’ out of market sentiment, at least in the short term.
gold on hourly chart
The surge in gold prices was driven by demand for safe havens following Federal Reserve Chairman Jerome Powell’s warnings about slowing economic growth and tightening credit conditions, and the collapse of First Republic Bank, among others. combined with concerns about a potential US banking crisis. al. Many local banks have fallen significantly today, but remain at low levels. The KRE ETF is down $-2.10 but has traded to -3.64 during the day. Below is a snapshot of local banks and how prices changed today.
Local banks down sharply
