XAUUSD: 21/3 Today’s Analysis and Strategy
Gold prices topped $2,200 for the first time in history as the Federal Reserve maintained expectations for three interest rate cuts this year, suggesting they were not concerned about a recent rise in inflation. It once hit a record high of $2,222.65, rising by more than $60 before the Fed's interest rate decision. Gold climbed more than 1% on Wednesday after the Federal Reserve signaled they expected to cut interest rates by 75 basis points by the end of 2024, sending the dollar and Treasury yields lower.
Gold investors are finally breathing a sigh of relief as there is some new buying momentum in the precious metals market as the Federal Reserve hints that it will still cut interest rates three times this year. In a highly anticipated move, the Federal Reserve announced it would keep the federal funds rate unchanged at a range of 5.25% to 5.50%. However, the market is more interested in the Fed's forward guidance and interest rate expectations before the end of the year.
Although the Fed continues to signal interest rate cuts, it is still reluctant to provide a specific timetable. The monetary policy statement struck a very optimistic tone about the health of the economy. The gold market rose sharply as markets began to solidify expectations for a rate cut in June.
golden technical aspect
Daily resistance is 2250, support below is 2177-45
Four-hour resistance is 2223-50, support below is 2178-50
Gold operation suggestions:
From the daily analysis, the short-term support below focuses on the vicinity of 2178. This position is also the watershed for the recent strong bulls. At the same time, do not chase the bulls at the current high level. Just wait patiently for sideways consolidation before entering the market.
SELL:2120-2125
BUY:2178-2183
BUY:2148~2153
Technical analysis only provides trading direction!
Gold investors are finally breathing a sigh of relief as there is some new buying momentum in the precious metals market as the Federal Reserve hints that it will still cut interest rates three times this year. In a highly anticipated move, the Federal Reserve announced it would keep the federal funds rate unchanged at a range of 5.25% to 5.50%. However, the market is more interested in the Fed's forward guidance and interest rate expectations before the end of the year.
Although the Fed continues to signal interest rate cuts, it is still reluctant to provide a specific timetable. The monetary policy statement struck a very optimistic tone about the health of the economy. The gold market rose sharply as markets began to solidify expectations for a rate cut in June.
golden technical aspect
Daily resistance is 2250, support below is 2177-45
Four-hour resistance is 2223-50, support below is 2178-50
Gold operation suggestions:
From the daily analysis, the short-term support below focuses on the vicinity of 2178. This position is also the watershed for the recent strong bulls. At the same time, do not chase the bulls at the current high level. Just wait patiently for sideways consolidation before entering the market.
SELL:2120-2125
BUY:2178-2183
BUY:2148~2153
Technical analysis only provides trading direction!
Trade active:
Gold is trading sideways after reaching a new high. Patiently wait for the upper and lower critical points and wait for opportunities.
Trade active:
Gold's short-term support reaches intensive trading area
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