GOLD stopped its decline and rebounded strongly again
Updated
Today's world gold price is listed on Kitco at 2,175 USD/ounce, up 17 USD/ounce compared to early yesterday morning. World gold prices rebounded due to the weakening of the USD as investors still hope that the US Federal Reserve (Fed) will cut interest rates in June despite high inflation in the US.
Meanwhile, escalating geopolitical tensions cause safe-haven demand for gold bars to remain. World gold prices rebounded due to the weakening of the USD as investors still hope that the US Federal Reserve (Fed) will cut interest rates in June despite high inflation in the US. Meanwhile, escalating geopolitical tensions cause safe-haven demand for gold bars to remain.
Currently, there will be 2 scenarios for bullish gold speculators. If the Fed cuts interest rates, gold will skyrocket. If the interest rate cut scenario does not take place, concerns about inflation could also push gold higher.
As of March 13, market indicators based on signals from the CME Fedwatch tool showed that there was a 64.7% chance that the Fed would lower interest rates at its meeting on June 12 with a cut of 25 to 50 points. percent, slightly lower than the 68.7% recorded on March 6.
The possibility that the Fed will keep interest rates unchanged at the March 21 meeting is up to 99%, while the possibility of not reducing interest rates at the May meeting is 89.6%.
In the second half of the year, the Fed is forecast to enter a cycle of interest rate cuts and precious metals will be strongly supported. Gold is forecast to reach 2,200-2,400 USD/ounce in 2024.
Resistance: 2184 - 2192 - 2200 - 2210
Support: 2166 - 2157 - 2147 - 2137
Breakout: 2178 waiting for BUY test point
Breakout: 2172 waiting for SELL test point
Meanwhile, escalating geopolitical tensions cause safe-haven demand for gold bars to remain. World gold prices rebounded due to the weakening of the USD as investors still hope that the US Federal Reserve (Fed) will cut interest rates in June despite high inflation in the US. Meanwhile, escalating geopolitical tensions cause safe-haven demand for gold bars to remain.
Currently, there will be 2 scenarios for bullish gold speculators. If the Fed cuts interest rates, gold will skyrocket. If the interest rate cut scenario does not take place, concerns about inflation could also push gold higher.
As of March 13, market indicators based on signals from the CME Fedwatch tool showed that there was a 64.7% chance that the Fed would lower interest rates at its meeting on June 12 with a cut of 25 to 50 points. percent, slightly lower than the 68.7% recorded on March 6.
The possibility that the Fed will keep interest rates unchanged at the March 21 meeting is up to 99%, while the possibility of not reducing interest rates at the May meeting is 89.6%.
In the second half of the year, the Fed is forecast to enter a cycle of interest rate cuts and precious metals will be strongly supported. Gold is forecast to reach 2,200-2,400 USD/ounce in 2024.
Resistance: 2184 - 2192 - 2200 - 2210
Support: 2166 - 2157 - 2147 - 2137
Breakout: 2178 waiting for BUY test point
Breakout: 2172 waiting for SELL test point
Note
At the current price range, even without downward pressure from interest rate issues, gold prices can still cope with downward pressure from investors' need to take profits.Gold price will move into accumulation mode and may remain stable at around 2,100 USD/ounce before breaking through the 2,200 USD/ounce mark by the end of the second quarter of this year.
Note
SELL XAUUSD PRICE 2201 - 2199⚡️ ↠↠ Stoploss 2205
→Take Profit 1 2194
↨
→Take Profit 2 2189
BUY XAUUSD PRICE 2134 - 2136⚡️
↠↠ Stoploss 2130
→Take Profit 1 2141
↨
→Take Profit 2 2146
Trade active
SELL signal when Breakout 2172 + 200 pips🔽🔽🔽Note
Note
SELL GOLD 2165 - 2167↠ Stoploss 2171
→ Take Profit 1 2155
→ Take Profit 2 2145
Trade active
+ 55pips, close a part move SL to entry.🔥Trade active
+ 100pips 🔽🔽🔽Note
Gold prices fell because investors lowered expectations that the US Federal Reserve (Fed) would cut interest rates after recent reports showed price pressure increasing stronger than expected. Data released this week showed that consumer prices in the US in February rose higher than expected and producer prices also showed that inflation is persistent.Precious metals will still be under pressure to take profits when next week the US Federal Reserve (Fed) will hold its March meeting on March 19-20. There is a high possibility that the Fed cannot lower operating interest rates this year when inflation is persistent and difficult to reduce. Meanwhile, spending and consumption demand remains strong. This will cause the USD to be supported, while gold will fall further.
Note
Last week, world gold prices were under pressure from US economic information published in February that was more positive than the previous month. Specifically, retail sales, industrial output, and initial unemployment claims were all more positive than last month and forecast.Note
📌Technically, on the D1 technical analysis chart, the price is starting to show signs of a correction, and this correction may find its way back to the support area of 2090-2100, around the 50 Fib mark of the Fib Retracement, also around moving average EMA34 D1.The trading plan for next week will consider selling around 2200, buying around 2090.
Note
Gold prices fell this week, but managed to hold above support at $2,150. Bulls must actively protect this technical zone to prevent an escalation of selling pressure; failure to do so may trigger a pullback towards $2,085. In case of further weakness, the spotlight will be on $2,065.On the flip side, if buyers regain decisive control of the market and spark a bullish reversal from the metal’s current position, the first obstacle lies at the record peak established earlier this month at $2,195. Further upward movement will draw attention to trendline resistance near $2,205.
Note
SELL XAUUSD PRICE 2166 - 2164⚡️ ↠↠ Stoploss 2170
→Take Profit 1 2159
↨
→Take Profit 2 2154
BUY XAUUSD PRICE 2134 - 2136⚡️
↠↠ Stoploss 2130
→Take Profit 1 2141
↨
→Take Profit 2 2146
Note
Missing 5pips😂Note
Gold prices stabilized on Monday after a weak performance last week. The prices rebounded from support at around $2,150 and could potentially face resistance at the trendline of $2,175. If this resistance is overcome, attention will shift to the all-time high of $2,195.If bears regain control of the market, the first technical floor to watch for a pullback is $2,150. Bulls need to defend this zone to prevent further selling pressure. Failure to do so could lead to a drop towards $2,085, with potential losses shifting focus to $2,065.
Note
Gold turned down to $2,157After rising more than $10 to above $2,164, gold is now back down to $2,157.
Today's focus is on the Fed's monetary policy decision and Fed Chairman Powell's speech.
Note
Gold prices rose after the Fed's decision and the decline in the US dollar and yields. The indication of three rate cuts this year is negatively affecting the dollar. To understand the Fed's monetary policy outlook, traders should closely follow Chairman Powell's press conference. However, today's reaction may change due to the upward revision of the long-term equilibrium rate.Note
Gold continued its bullish run after Wednesday’s FOMC meeting provided the catalyst. Bullish continuation was something highlighted in the previous gold update, as long as prices consolidated above the prior all-time high of 2146.80 – which they had.Note
World gold spot price is around 2,165 USD/ounce, down more than 16 USD/ounce compared to the same time yesterday morning.Gold prices on the international market continue to decline because the USD has not stopped its rise. Specifically, the Dollar-Index - measuring the strength of the greenback compared to 6 major currencies, increased sharply by 0.42% to 104,075 points at 6:05 a.m. this morning.
Note
After completing a bullish pennant pattern last week, the daily gold chart is now looking to build another bullish set-up. The current sideways price action may turn into a bullish flag pattern, and this would likely see gold pushback above $2,200/oz. and test the ATH at just under $2,225/oz. Reasonable first-line support seen a fraction under $2,150/oz.Note
After falling below $2,190 under pressure from a rebound in the USD as Fed official Waller said the Fed was in no hurry to cut interest rates and could maintain current interest rates longer than expected, gold is now rebounding to above. $2,195. USD decreased slightly. DXY fell to 104.34Note
Gold kicked off the first quarter of 2024 with solid gains, extending the positive momentum established in the latter part of 2023. During this upturn, XAU/USD soared to new all-time highs, decisively breaking past the $2,150 mark, and eventually reaching a peak of $2,222. Although prices have since experienced a slight retreat, the precious metal remains near record zone at the time of writing.Note
📌According to technical analysis, gold prices are still in an uptrend and may reach $2,300/oz. If economic data is negative, prices may face profit-taking pressure with support levels at $2,150-2,100-2,080/oz. Trading plan: sell at $2,300 and buy at $2,150.Note
🔻IMF: Global economic growth will reach 2.8% by 2030, that is, 1% less than the historical average, unless major reforms are made to enhance productivity and take advantage of technology.
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