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    Gold Price Forecast: XAU/USD posts modest gains above the mid-$2,100s amid geopolitical tension risks

    Source Fxstreet
    Mar 25, 2024 00:33
    • Gold price posts modest gains near $2,168 in Monday’s early Asian session. 
    • The FOMC maintained its outlook for three quarter-point rate cuts this year, which benefit the gold price. 
    • The rising geopolitical tension in Ukraine might boost safe-haven assets like gold prices. 

    Gold price (XAU/USD) holds above the mid-$2,100s during the early Asian trading hours on Monday. The recovery of the yellow metal is bolstered by the higher possibility that the US Federal Reserve (Fed) could start cutting rates later this year. Traders await the US Gross Domestic Product (GDP) numbers for the fourth quarter (Q4) for fresh impetus, which is estimated to remain steady at 3.2%. Gold price currently trades around $2,168, gaining 0.15% on the day. 

    Last week, the Fed left its benchmark interest rate unchanged for the fifth consecutive meeting at its 5.25% to 5.50% range after its March meeting. The Fed Chairman Jerome Powell hinted that the central bank was on course for three interest rate cuts in 2024, which fuel more investor demand for the precious metal and lift the gold price. Investors have priced in a 72% odds that the Fed will start cutting rates in the June meeting, up from 65% before the rate decision, according to the CME FedWatch Tool. 

    Furthermore, the escalating geopolitical tension in Ukraine might boost the safe-haven flows, benefiting the gold price. On Sunday, an underground gas storage facility in Ukraine was attacked in the latest round of Russian missile attacks on power facilities. Ukraine President Volodymyr Zelenskiy said attempts to restore power supply were underway in several locations, with the most challenging situation in Kharkiv, Ukraine's second-largest city, per Reuters. 

    Looking ahead, gold traders will closely watch the US GDP growth numbers Annualized for Q4. If the report shows stronger-than-expected data, this could provide some support to the Greenback and weigh on the US Dollar-denominated Gold. On Friday, the markets will be closed for Good Friday.
     

    XAU/USD

    Overview
    Today last price 2165.02
    Today Daily Change -0.39
    Today Daily Change % -0.02
    Today daily open 2165.41
     
    Trends
    Daily SMA20 2131.96
    Daily SMA50 2067.54
    Daily SMA100 2042.38
    Daily SMA200 1984.11
     
    Levels
    Previous Daily High 2186.16
    Previous Daily Low 2157.17
    Previous Weekly High 2223.22
    Previous Weekly Low 2146.16
    Previous Monthly High 2065.49
    Previous Monthly Low 1984.26
    Daily Fibonacci 38.2% 2168.24
    Daily Fibonacci 61.8% 2175.09
    Daily Pivot Point S1 2153
    Daily Pivot Point S2 2140.59
    Daily Pivot Point S3 2124.01
    Daily Pivot Point R1 2181.99
    Daily Pivot Point R2 2198.57
    Daily Pivot Point R3 2210.98

     

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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