On Thursday, the U.S. dollar index gave up yesterday's gains at 103.93, but bulls continued to put pressure on gold ahead of the release of Personal Consumption Expenditures (PCE), and gold prices have yet to break out of range trading. The dovish Federal Reserve released a timetable for interest rate cuts, suggesting that interest rate cuts will begin in the second half of the year. The U.S. slightly revised down fourth-quarter economic growth, providing support for gold prices, but gains were limited as traders focused on key economic data and comments from Federal Reserve officials on the timetable for interest rate cuts.
This trading day will release the U.S. PCE data that the Federal Reserve focuses on in January. The market expects core PCE to increase by 0.4% month-on-month, compared with the previous value of 0.2%. Core PCE is expected to increase by 2.8% year-on-year, compared with the previous value of 2.9%. In addition, this trading day also Changes in the number of people filing for initial unemployment benefits in the United States will be released. The market expects it to be 210,000, compared with the previous value of 201,000. Investors need to pay attention to changes in market expectations for the Federal Reserve to cut interest rates.
Additionally, a fresh decline in U.S. Treasury yields prevented bearish traders from making big bets on gold prices and helped limit the downside. Compared with forecasts for a rate cut in March at the beginning of the year, recent Fed comments and hot inflation data have pushed bets on the Fed's first rate cut to June. Higher interest rates tend to dampen investment confidence in gold.
Gold technical aspect
Daily resistance 2037-40, lower support 2000-1966
Four-hour resistance 2037-40, lower support 2015
✅Gold operation suggestions:
Gold is constantly oscillating. Today, the upper resistance is around 2037-41. Relying on this position, continue to go short once. The lower support is around 2020. During the day, rely on this range to sell high and buy low. You can participate multiple times.
SELL:near 2041
SELL:near 2015
BUY:near 2000
Technical analysis only provides trading direction!
This trading day will release the U.S. PCE data that the Federal Reserve focuses on in January. The market expects core PCE to increase by 0.4% month-on-month, compared with the previous value of 0.2%. Core PCE is expected to increase by 2.8% year-on-year, compared with the previous value of 2.9%. In addition, this trading day also Changes in the number of people filing for initial unemployment benefits in the United States will be released. The market expects it to be 210,000, compared with the previous value of 201,000. Investors need to pay attention to changes in market expectations for the Federal Reserve to cut interest rates.
Additionally, a fresh decline in U.S. Treasury yields prevented bearish traders from making big bets on gold prices and helped limit the downside. Compared with forecasts for a rate cut in March at the beginning of the year, recent Fed comments and hot inflation data have pushed bets on the Fed's first rate cut to June. Higher interest rates tend to dampen investment confidence in gold.
Gold technical aspect
Daily resistance 2037-40, lower support 2000-1966
Four-hour resistance 2037-40, lower support 2015
✅Gold operation suggestions:
Gold is constantly oscillating. Today, the upper resistance is around 2037-41. Relying on this position, continue to go short once. The lower support is around 2020. During the day, rely on this range to sell high and buy low. You can participate multiple times.
SELL:near 2041
SELL:near 2015
BUY:near 2000
Technical analysis only provides trading direction!
Trade active:
Purchase plan before data, take off directly now
Trade active:
XAUUSD
SELL:2050~2051
❌sl:2056
✅tp:2042~2038
SELL:2050~2051
❌sl:2056
✅tp:2042~2038
Trade active:
⚡️ Running to 30pips.
Trade active:
It has fallen +40pips . It is estimated that there is still room to fall. Trading has been closed. See you tomorrow.
Trade active:
Go long at the 0.5 Fibonacci retracement position!
Trade active:
Follow the main force to go long and make profits again
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✅Daily market analysis
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✅More than 2000pips profit every month
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