The correction trend of gold depends on the break of 2145 suppor
Spot gold continued its correction during the Asian session on Monday, once hitting a more than one-week low of $2,145.99 per ounce, as the U.S. dollar strengthened and investors prepared for a series of major central bank policy meetings this week, including the Federal Reserve/Federal Reserve.
On Friday, gold prices fell significantly from an intraday high of approximately $2,172 per ounce. On the 60-minute chart, gold prices appear to be trading within a sideways channel. However, the 14-hour relative strength index (RSI) appears to be approaching oversold conditions, indicating that the market is turning bearish. Therefore, gold bears will be looking for a continuation of the current correction and a drop to around $2,146/oz, or even lower to $2,135/oz. On the other hand, gold bulls will be looking to take profits on a rebound to $2,172/oz, or higher at $2,184/oz.
If gold prices fall below the support of $2,145/oz, a bearish callback will be initiated, with the first bearish target being $2,114/oz. On the other hand, breaking through the resistance of $2,170.40 per ounce may bring about a new upward trend.
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At present, the short-term moving average group of the cycle once again crosses the long-term moving average group in a divergent state, but since 2195 the market as a whole is in an unstable cross-bonding state, the moving average group continues to stage contraction-permeation-pull back, the market does not fully show the trend, the future market needs to pay more attention! The 4-hour period of the short-term moving average group has not completely crossed the 60-day moving average of the long-term moving average group, the market is still biased towards consolidation, and the future market can continue to pay attention to the trend and divergence of the short-term moving average group!Note
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Gold prices fell on Tuesday (March 19) as the U.S. dollar strengthened and investors awaited a speech by Federal Reserve Chairman Jerome Powell after the Federal Reserve's policy meeting on Wednesday to provide further clarity on interest rate cuts.Gold prices consolidated between $2,145 and $2,165.
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