GOLD breaks records every day, big data and events are coming

XAUUSD continued to set new records yesterday, driven by buying momentum and geopolitical risks, while markets focused on the Federal Reserve's policy meeting minutes and U.S. inflation data. America to seek direction on the US interest rate cut timetable.

Federal Reserve policy meeting minutes and US consumer price index (CPI) data will be released on Wednesday.
Gold is considered a hedge against inflation and geopolitical instability, but higher interest rates tend to make holding this non-yielding asset less attractive.

It seems like any news about the US is a reason to buy. Signs of a strong economy and tamed inflation, underscoring gold's store of value as a store of value. Weak inflation increases expectations that the Federal Reserve will soon cut interest rates, which also makes the US dollar less attractive.

According to a survey of economists, the US core CPI in March will increase by 0.3% over the same period last month, slightly lower than the increase of 0.4% in February; Meanwhile, overall CPI is expected to increase by 3.4%, higher than last month's 3.2%.

If data shows a return to inflation, this will threaten market sentiment and could create downward pressure on gold prices and create a downward correction amid the recent hot rally.

Analyze technical prospects XAUUSD

On the chart it is difficult to find a reasonable stop for expectations of a significant downward adjustment in gold prices when every day is a new all-time peak.

In the short term, the fluctuation range at the lower edge near the 2340USD area is noted as the nearest support level and if gold can move below this level, it will have technical conditions to reduce the price more.
Since the Relative Strength Index has been operating in the overbought area for a long time, if gold falls below $2,240, open positions with expectations of a downward adjustment will become more grounded.
Currently, gold still has all the factors supporting a technical price increase with a short-term trend from the price channel, a medium and long-term uptrend from the EMA. Meanwhile, the nearest resistance level is at 2403 USD, the Fibonacci confluence extends 1.618%.

This period is a very difficult period when gold has had a long period of hot growth without any clear adjustment rhythm. Following the uptrend can be risky when a downward adjustment occurs. More accurately, "I want to buy, but any position is only short-term and doesn't feel safe."

Comment:

Gold fell slightly below $2,350

After maintaining above $2,353 at the beginning of the European session, gold is now slightly below $2,350

Comment:

The CPI report will be especially important amid calm markets, with Powell aching to ignore the strong data, but it's hard to say this was a mistake if the report continues to heat up. On the other hand, if we see rental costs driving component service prices down then the Long USD market is quite strong, so I hope we can achieve both goals, whether reporting is tight or not. Are not.

Comment:

🔻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.

Comment:

Comment:

The ECB policy decision is the main focus in today's European session, along with the US PPI report. Market expectations for an interest rate cut in June are key to the ECB decision. Bulls anticipate strong data in the US PPI report following yesterday's above-expected CPI report.

Comment:

🟥US Federal Reserve Member Barkin: The data did not raise our confidence in the spread of declining inflation

US Federal Reserve Bank of Richmond Governor Thomas Barkin said during his speech on Thursday that the recent consumer price inflation data did not increase his confidence that the decline in inflation is spreading as desired to all sectors of the economy.

Comment:

BlackRock CEO Larry Fink predicts the Fed will cut interest rates a maximum of two times this year

BlackRock CEO Larry Fink predicts the Fed will cut interest rates a maximum of two times this year and containing inflation will be a challenge for this central bank.

CEO Fink told CNBC on Friday after the asset management company released its first-quarter results that he would "consider the target accomplished" if the inflation rate falls to around 2.8% to 3%, which is higher. Fed's 2% target.

Comment:

After rising to 2,431 USD/ounce, the highest price in history, gold encountered profit-taking pressure, causing the price of this precious metal to decline sharply. While gold failed to hold above $2,400 an ounce, analysts noted that it remains strong as it prepares to set another weekly record. The new record comes even as markets begin to assess the possibility of an interest rate cut in June after March inflation was higher than expected.

Comment:

🟥Former US State Department official William Lawrence: The United States wants to adopt a non-escalatory stance and search for a solution to conflicts and conflicts, and the Iranian attack failed by 99%.