XAUUSD trade analysis

Gold prices edged higher on Wednesday. Investors are questioning bets that the Federal Reserve will cut interest rates early. Gold prices have fallen sharply over the past week as traders steadily scaled back bets that the Federal Reserve could begin cutting interest rates as early as March 2024. The idea triggered a sharp rise in the U.S. dollar and also weighed on gold prices.
Gold prices have corrected more than 3% from a December 28, 2023 high of around $2,090 as uncertainty over a rate cut by the Federal Reserve persists. Gold price demand is no longer bullish in the near term as the 20-day exponential moving average (EMA) near $2,038 poses a strong barrier. The overall trend remains bullish though as the 50-day and 200-day moving averages move higher. If gold prices fall below three-week lows near $2,016, more downside could emerge.

Comment:

active trade

Comment:

active trade

Comment:

active trade

Comment:

active trade

Comment:

active trade

Comment:

active trade