Gold closed last week deeply entrenched in negative territory, facing strong headwinds from a resilient US Dollar (USD) which hindered XAU/USD from capitalizing on declining bond yields. The Federal Reserve's March meeting highlighted the urgency for policymakers to consider interest rate reductions, despite recent inflation reports suggesting a potential reacceleration. This initially propelled XAU/USD to reach new all-time highs, albeit briefly.
Presently, the US economy exhibits signs of resilience, with the Federal Open Market Committee (FOMC) projecting a growth rate of 2.1% for 2024, up from the previous estimate of 1.4%, while maintaining the Unemployment Rate at 4%. Attention now turns to inflation metrics, particularly the Personal Consumption Expenditures (PCE) index, favored by the Fed, which is anticipated to reach 2.4%, with core PCE projected at 2.6%, an increase from 2.4%.
As we prepare for the upcoming week, this video serves as a guide to navigating the current market dynamics, offering insights into potential strategies amid these shifting economic conditions.
XAUUSD Technical Overview:
In this video, we conducted a comprehensive analysis of the XAUUSD chart, utilizing both technical and fundamental perspectives. Our examination included an in-depth study of key levels, historical price movements, market behaviours, and the interplay between buyers and sellers, aiming to unveil potential trading opportunities.
Our focal point for the week is the $2,145 zone, endowed with historical significance, rendering it a pivotal level. The sustainability of bullish momentum above this zone could pave the way for continued buying pressure, potentially propelling prices to new highs. Conversely, the appearance of a reversal pattern or a breach below the $2,145 level, coupled with persistent selling pressure, might signal a resurgence of bearish sentiment.
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