GOLD there is a possibility of a downward adjustment this week

Updated

XAUUSD ANALYSIS
- Dollar down, gold up
- Gold retests prior 2024 all-time high

DOLLAR DOWN, GOLD UP
Gold is influenced by a slightly weaker dollar at the start of the shortened trading week. Last week, gold prices showed an unusual evening star pattern, which can indicate a bearish trend reversal. The dollar is possibly stabilizing after a volatile end to the week. The main event risk this week is the release of inflation data on Friday. Limited catalysts are expected until then. Friday is a bank holiday in the UK and US, which could lead to a volatile USD movement if there is unexpected data amid lower liquidity.

XAUUSD RETESTS PRIOR 2024 ALL-TIME HIGH
Gold prices attempted to close above $2195, the all-time high printed earlier this year before the latest milestone around $2222. This appears as a test for bullish momentum with a failure to close above suggesting that bullish momentum may require another catalyst to advance the bullish move.

$2146 appears as the relevant level of support if bears are to regain control this week. To reiterate, Friday may cause elevated volatility should we see a surprise in the data – due to lower liquidity.

GOLD prices stabilize after a strong sell-off

Pay attention to the Breakout zone 2166 - 2180

Resistance: 2180 - 2186 - 2195
Support: 2166 - 2157 - 2150 - 2145

Note

Japan's MOF, FSA and BOJ hold an emergency meeting to discuss financial markets

The meeting just took place not long ago.

The market fluctuates too crazy 😈😈

Note

GOLD hanging high, not far from the historical peak set recently

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 104.34

Note

The USD is rising slightly, with the DXY index up nearly 2% from its March low and up 3.3% year to date.

Note

🟢Fed's Powell: The fact that the United States is growing strongly, and the labor market is strong, gives us the opportunity to be more confident about inflation until interest rates are lowered.

Note

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, the impact of the PCE index and core PCE on the currency can go in two directions: Increasing CPI can lead to increased interest rates and an increase in the local currency; On the other hand, if the economy is in recession, an increase in CPI can lead to a deeper recession and a devaluation of the domestic currency.

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

Canada's March S&P global manufacturing PMI was higher than February

+++ Canada's March S&P global manufacturing PMI: 49.8, just below 50

+++ Previous: 49.7

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