In early trading in the European market on Thursday (March 21), spot gold continued its intraday gains and is currently trading around US$2,200, rising by more than US$20 during the day. Spot gold is trading at $2,200 an ounce.
Looking at the daily chart of gold, gold prices have confirmed the formation of a bullish flag, with the relative strength index (RSI) once again overbought.
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.
As shown on the daily chart of gold, gold prices confirmed the formation of a bullish flag after closing above the downtrend line resistance at $2,161 an ounce on Wednesday.
If gold buyers regain confidence, the next bullish price target is expected to be a record high of $2,223 an ounce, followed by a psychological level of $2,250 an ounce.
If the daily closing price of gold is below the $2,200/ounce mark, the 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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The price of gold is now falling strongly. As I said before, gold will rise first and then fall.
The price of gold is now falling strongly. As I said before, gold will rise first and then fall.
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The price of gold has now fallen to $2,170
My prediction on the gold price trend was completely correct and I made good profits. If you need help, you can send me a private message and I will help you and make profits.