XAUUSD: 19/3 Gold awaits triangle breakout
Gold prices edged higher in quiet trading on Tuesday as investors braced for monetary policy decisions from major central banks. While the Bank of Japan (BoJ), Bank of England (BoE) and the Federal Reserve (Fed) will announce their decisions, the focus will be on the Fed. The Fed's hawkish bias could push gold prices higher as market participants anticipate less likelihood of a rate cut.
Data showed that U.S. consumer prices grew steadily in February and producer prices rose more than expected, indicating that inflation is somewhat sticky. Gold prices fell by about 1% last week. Although gold has traditionally been considered an inflation hedge, raising interest rates to curb price increases has discouraged investment in gold because it does not pay interest.
Gold prices were still supported by speculation that the Federal Reserve would begin easing monetary policy earlier than expected. However, gold prices plunged nearly 1% last week as an unexpected acceleration in U.S. consumer and producer inflation spurred a surge in U.S. Treasury yields. As a result, the U.S. dollar gained over 0.69% last week while gold fell, according to the U.S. Dollar Index.
Gold technical analysis
Daily resistance is 2177, support below is 2124
Four-hour resistance is 2168, support below is 2158-24
✅Gold operation suggestions:
Yesterday, the overall technical aspect of gold fell first and then rose, ushering in a deep V rebound. The Asian and European prices suppressed the shock below 2157 and fell back to break the bottom. Then they retreated further downwards and penetrated the 2150 mark to reach around 2146 and fell into sideways shocks. The European and American prices The price of gold stabilized and rebounded, returning to a strong and volatile close above 2160. The daily K-line closed slightly higher. The overall price showed a short-term support and stabilization form at the 2146 mark. However, the price above was still suppressed and fluctuated below the daily starting and falling point of 2172 last Friday. The short-term price there is a high probability that it will continue to run up and down repeatedly within the range.
Today, the lower four-hour and daily support will focus on around 2150/2124, and the upper pressure will focus on 2168-77. Wait for the Fed’s interest rate decision with peace of mind, and trade with caution!
SELL:near 2170
SELL:near 2160
BUY:near2124
Technical analysis only provides trading direction!
Data showed that U.S. consumer prices grew steadily in February and producer prices rose more than expected, indicating that inflation is somewhat sticky. Gold prices fell by about 1% last week. Although gold has traditionally been considered an inflation hedge, raising interest rates to curb price increases has discouraged investment in gold because it does not pay interest.
Gold prices were still supported by speculation that the Federal Reserve would begin easing monetary policy earlier than expected. However, gold prices plunged nearly 1% last week as an unexpected acceleration in U.S. consumer and producer inflation spurred a surge in U.S. Treasury yields. As a result, the U.S. dollar gained over 0.69% last week while gold fell, according to the U.S. Dollar Index.
Gold technical analysis
Daily resistance is 2177, support below is 2124
Four-hour resistance is 2168, support below is 2158-24
✅Gold operation suggestions:
Yesterday, the overall technical aspect of gold fell first and then rose, ushering in a deep V rebound. The Asian and European prices suppressed the shock below 2157 and fell back to break the bottom. Then they retreated further downwards and penetrated the 2150 mark to reach around 2146 and fell into sideways shocks. The European and American prices The price of gold stabilized and rebounded, returning to a strong and volatile close above 2160. The daily K-line closed slightly higher. The overall price showed a short-term support and stabilization form at the 2146 mark. However, the price above was still suppressed and fluctuated below the daily starting and falling point of 2172 last Friday. The short-term price there is a high probability that it will continue to run up and down repeatedly within the range.
Today, the lower four-hour and daily support will focus on around 2150/2124, and the upper pressure will focus on 2168-77. Wait for the Fed’s interest rate decision with peace of mind, and trade with caution!
SELL:near 2170
SELL:near 2160
BUY:near2124
Technical analysis only provides trading direction!
Trade active:
Before the NY market today, the gold price has gone from 2162 to 2147. We are looking forward to the performance of the NY market.
Trade active:
XAUUSD 3Lot
SELL: 2156near
✅SL:2159.5
✅tp:2150~2146
SELL: 2156near
✅SL:2159.5
✅tp:2150~2146
Trade active:
Selling direction makes profit again
Trade active
Trade active:
Tomorrow is the Federal Reserve interest rate decision. The market may begin a massive purge up and down ahead of the resolution
Trade active
Trade active:
You just need to trade according to my analysis chart to make a profit
Trade active:
The interest rate decision is settled! Powell once again uncharacteristically hinted at three interest rate cuts this year, and gold bulls reveled!
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