🔖XAU/USD, H4🔖 29 March 2024
Gold prices soared to a record high of $2236.25 yesterday, moving in sync with the dollar's trajectory. Despite the upbeat economic data, traders in the gold market are strategically positioning themselves ahead of the highly anticipated release of the U.S. Personal Consumption Expenditures (PCE) reading scheduled for later today. This data release will provide insights into the Federal Reserve's sentiment regarding the upcoming monetary policy. Market speculation is currently focused on the possibility of signs of easing inflation, which could potentially drive gold prices up by nearly 2% in the last session.
Gold prices have broken its uptrend channel from the above, suggesting that gold prices are trading with extremely strong bullish momentum.
Resistance level: 2245.00, 2258.00📉
Support level: 2217.40, 2197.35📈
Gold prices soared to a record high of $2236.25 yesterday, moving in sync with the dollar's trajectory. Despite the upbeat economic data, traders in the gold market are strategically positioning themselves ahead of the highly anticipated release of the U.S. Personal Consumption Expenditures (PCE) reading scheduled for later today. This data release will provide insights into the Federal Reserve's sentiment regarding the upcoming monetary policy. Market speculation is currently focused on the possibility of signs of easing inflation, which could potentially drive gold prices up by nearly 2% in the last session.
Gold prices have broken its uptrend channel from the above, suggesting that gold prices are trading with extremely strong bullish momentum.
Resistance level: 2245.00, 2258.00📉
Support level: 2217.40, 2197.35📈