For the first time Iran has possibly directly attacked Israel. State of War. Iran have launched drones and ballistic missiles towards Israel to attack military targets per U.S. and Israeli officials to Axios. When all are short volatlity, a significant volatility shock can be brutal. Gold surged to a fresh record as simmering Middle East tensions intensified buying momentum. Bullion broke the $2,400-an-ounce mark for the first time on Friday morning, climbing as much as 2.4% to $2,429.82. GOLD has advanced 18% so far this year, exceeding the 13% advance registered for all of last year. The precious metal’s rally and its often-outsized moves have left some onlookers puzzled because of the lack of any obvious triggers, particularly as the outlook for interest-rate cuts by the Federal Reserve has become muddier in recent weeks. Still, elevated tensions in the Middle East and Ukraine and ongoing problems in China’s economy are adding to bullion’s allure as a haven asset. Meanwhile, some investors have been seeking safety on bets that inflation may stick higher in the long run, underpinning gold’s run.
MCX GOLD Gann Angle Chart
Gold has closed above its 4×3 gann angle and and also near its gann time cycle suggesting we can see explosive move in coming week. Monday High and Low will be crucial for the coming week.
MCX GOLD Supply Demand Zone
MCX GOLD Supply Demand Chart : Demand in range of 71755-71950 , Supply in range of 72500-72571
MCX GOLD Harmonic Analysis
ABCD pattern D Leg can extend ride towards 74541
GOLD Astro/Gann Trend Change Date
15 April Important Gann/Astro Date for Trend Change
Weekly Trend Change Level:72000
Weekly Resistance:722556,72524,72792,73060,73327
Weekly Support: 71755,71323,71108,70864,70555
Levels Mentioned are for June Future
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As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.
Trade smartly and safely.