Gold surges and breaks its position

In early trading in the European market on Thursday (March 21), spot gold continued its intraday gains and was currently trading around 2207, rising by more than $20 during the day.
The Federal Reserve said on Wednesday that it would still cut interest rates three times by 25 basis points each time before the end of this year. Federal Reserve Chairman Jerome Powell said at a subsequent press conference that he believed interest rates may be at a cyclical peak and that it would be appropriate to start cutting interest rates at some point this year.
Affected by the dovish stance of the Federal Reserve, the U.S. dollar suffered a sell-off on Wednesday, with spot gold closing at $28.96, or 1.34%, at $2,186.06 per ounce. The price of gold rose further in early trading in Asia on Thursday, reaching a maximum of $2,222.90 per ounce, setting a new all-time high.
Gold prices are recovering from a record high of $2,223 an ounce set in early Asian trading on Thursday, but are holding on to the $2,200 an ounce mark amid continued weakness in the U.S. dollar and U.S. Treasury yields.
Gold prices confirmed the formation of a bullish flag pattern after closing above descending trendline resistance at $2,161 an ounce on Wednesday.

If gold prices close below the $2,200/ounce mark, Wednesday's high of $2,189/ounce will be tested. Once gold prices fall below $2,189 per ounce, this will trigger a new downward trend in gold prices and fall towards Monday's low of $2,146 per ounce.

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active trade

Comment:

active trade