GOLD approaches $2,356 again, geopolitics, CPI data

XAUUSD has corrected from all-time highs but still maintains a bullish trend. Gold prices are expected to reach additional record highs in the near future.

Tensions in the Middle East pushed gold prices up sharply. Hamas official Ali Baraka said Hamas had rejected Israel's latest ceasefire proposal.
Israeli Prime Minister Benjamin Netanyahu issued a video statement on the evening of April 8, local time, saying: “If the Israeli army wants to completely defeat Hamas, it must enter Rafah, the southernmost point of the Strip Palestinian Gaza, and conduct significant activities, this will happen and will be announced in advance.”
Netanyahu also said he had received a detailed report on the negotiations in Cairo and that Israel "is continuously working to achieve its goals, starting with the release of all detainees and winning complete victory over Hamas."

Markets are also watching key US inflation data due out this week. Inflation data is expected to provide further guidance on the Fed's interest rate cut roadmap and could be the next driver for gold prices.
The US consumer price index (CPI) for March will be released on Wednesday. According to a survey of economists, the US general CPI in March will increase by 0.3% over the previous month, slightly lower than 0.4% in February; US core CPI in March is expected to increase by 0.3% compared to the previous month.

Analysis of gold price prospects XAUUSD
On the daily chart, although gold has corrected since approaching the 1% Fibonacci extension at $2,356, which readers noticed in the weekly edition, it has since taken support from area of ​​the 0.786% Fibonacci level and increased again to approach the $2,356 level once again.

A position being tested many times means that the effectiveness of that technical position will no longer be much. However, at the present time, the level of 2,356USD still serves as the closest notable resistance level.

The main trend of gold price remains unchanged with the main uptrend from all technical indicators. Expecting a downside correction should be targeted in the short term with the nearest support at the $2,311 – $2,300 area, while defending open positions expecting a downside correction should be placed behind the level. 2,356 USD.

During the day, the technical outlook of gold prices will be noticed by the following price levels.
Support: 2328 - 2313 - 2303USD
Resistance: 2348 - 2354 - 2360USD

In recent times, we (Traders) always have to be mentally ready to face major fluctuations in the market, it has become very normal for gold to move 1% to over 2% every working day.

Comment:

SELL XAUUSD PRICE 2369 - 2367⚡️
↠↠ Stoploss 2373

→Take Profit 1 2362
↨
→Take Profit 2 2357

BUY XAUUSD PRICE 2326 - 2328⚡️
↠↠ Stoploss 2322

→Take Profit 1 2333
↨
→Take Profit 2 2338

Comment:

In the context of continuously escalating tensions between Israel and Hamas in the Middle East, gold prices have continued to rise. The precious metal has now maintained its upward momentum for the third consecutive trading session, as demand for haven assets continues to increase amid the current turmoil.

Trade closed: target reached:

Gold today is trading exactly according to the strategy analyzed today. Congratulations readers for following❤️❤️❤️

Comment:

Comment:

Gold fell slightly below $2,350

After maintaining above $2,353 at the beginning of the European session, gold is now slightly below $2,350

Comment:

The CPI report will be especially important amid calm markets, with Powell aching to ignore the strong data, but it's hard to say this was a mistake if the report continues to heat up. On the other hand, if we see rental costs driving component service prices down then the Long USD market is quite strong, so I hope we can achieve both goals, whether reporting is tight or not. Are not.

Comment:

🔻IMF: Global economic growth will reach 2.8% by 2030, that is, 1% less than the historical average, unless major reforms are made to enhance productivity and take advantage of technology.

Comment:

The ECB policy decision is the main focus in today's European session, along with the US PPI report. Market expectations for an interest rate cut in June are key to the ECB decision. Bulls anticipate strong data in the US PPI report following yesterday's above-expected CPI report.

Comment:

🟥US Federal Reserve Member Barkin: The data did not raise our confidence in the spread of declining inflation

US Federal Reserve Bank of Richmond Governor Thomas Barkin said during his speech on Thursday that the recent consumer price inflation data did not increase his confidence that the decline in inflation is spreading as desired to all sectors of the economy.

Comment:

BlackRock CEO Larry Fink predicts the Fed will cut interest rates a maximum of two times this year

BlackRock CEO Larry Fink predicts the Fed will cut interest rates a maximum of two times this year and containing inflation will be a challenge for this central bank.

CEO Fink told CNBC on Friday after the asset management company released its first-quarter results that he would "consider the target accomplished" if the inflation rate falls to around 2.8% to 3%, which is higher. Fed's 2% target.

Comment:

After rising to 2,431 USD/ounce, the highest price in history, gold encountered profit-taking pressure, causing the price of this precious metal to decline sharply. While gold failed to hold above $2,400 an ounce, analysts noted that it remains strong as it prepares to set another weekly record. The new record comes even as markets begin to assess the possibility of an interest rate cut in June after March inflation was higher than expected.