Gold Prices hit an all-time high on Monday amid ongoing geopolitical tensions and bets on a rate cut by the Federal Reserve ahead of a statement by Federal Reserve Chairman Jerome Powell later this week. Prices have rallied since last week’s live release. with American (US) inflation expectations. The Federal Reserve’s (Fed) favorite inflation gauge, January’s personal consumption expenditures (PCE) price index rose 0.4% month-on-month and 2.8% year-on-year, the slowest annual gain since March 2021. But it also brought relief, as A warmer than expected consumer price index (CPI) previously released fueled speculation that price pressures were much higher. Treasury rates also fell sharply on Friday, further weighing the US dollar against the precious metal. dollar fell against the euro on Monday ahead of this week’s UK budget, the European Central Bank meeting, US employment data and key political moments in China and the US. The focus now shifts to Powell’s testimony, non-farm payrolls later this week.
Following Powell’s statement, the focus will also be on the key non-farm payrolls data for February, due on Friday. The cooling labor market is also one of the central bank’s most important considerations when changing interest rates.
Technical Outlook – Gold
Gold prices touched a record high yesterday. Prices sparked to the high 64575 and settled at 64462, up 1.41%.
After the triangle broke out, gold prices suddenly rose. According to the February 29 outlook, prices have reached the forecast level of 62600-62950.00.
The formation of long and high-volume bullish candlesticks indicates further upside. However, recent rising prices may show consolidation and meet resistance at 64620.00 before the next rally. Alternatively, a break above 64620 opens the door to the next resistance at 65000-65310.00
On the price side, immediate support at 64180, below which prices can pull to 63780-63050.00. The general trend is still up, but you should wait for breakout or consolidation before trade.
Commodity Samachar
Learn and Trade with Ease
Also Read: US jobs data, ECB policy and Chinese CPI are swings this week. , Crude up 1.92%E, OPEC+ extends output cuts will support further
Recommended Read: Forex Newsletter – 04 Mar 2024
Want help on your traders?
Chat with our Analyst