Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.
    2021
    Best News & Analysis Provider
    FxDailyInfo
    2022
    Best Forex Educational Resources Global
    International Business Magazine

    Gold Price Forecast: XAU/USD retraces recent losses, rises to near $2,170

    Source Fxstreet
    Mar 25, 2024 05:45
    • Gold price edges higher on subdued Greenback on Monday.
    • The US Dollar receives downward pressure on speculations of the Fed initiating rate cuts from June.
    • Gold price could face challenge as US Treasury yields move lower on improved risk sentiment.

    Gold price rises to near $2,170 per troy ounce, reclaiming losses from the previous two sessions. The uptick in Gold prices can be attributed to a weaker US Dollar (USD), which is influenced by the dovish sentiment surrounding the Federal Reserve's stance on interest rate trajectory. Market sentiment leans toward the Fed initiating interest rate cuts starting in June, and a softer Greenback has bolstered the appeal of bullion.

    During a press conference, Federal Reserve Chair Jerome Powell noted that an unexpected rise in unemployment could lead the central bank to consider lowering interest rates. Powell also reassured markets that the Fed would not hastily respond to consecutive months of elevated inflation figures. Furthermore, Gold prices have been buoyed by recent indications from Fed policymakers that they still anticipate reducing interest rates by three-quarters of a percentage point by the end of 2024, despite recent high inflation readings.

    Indeed, the decline in US yields indicates a shift in investor sentiment toward US Treasury bonds, potentially posing a challenge for non-yielding assets like Gold. With the 2-year and 10-year yields on US Treasury bonds holding steady at 4.60% and 4.21%, respectively. Investors may find the relative safety and stability of bonds more attractive compared to Gold.

    The upcoming US inflation readings are expected to have a significant impact on the prices of the precious metal. Gold traders will closely monitor the release of Gross Domestic Product (GDP) data for the fourth quarter of 2023 and the Personal Consumption Expenditures (PCE) price index report from the United States (US) during the week, as these indicators can provide insights into inflationary pressures and influence Gold prices accordingly.

    XAU/USD

    Overview
    Today last price 2168.38
    Today Daily Change 2.97
    Today Daily Change % 0.14
    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.
    placeholder
    WTI holds below $80.85 on firmer US Dollar, markets weigh Russian supply woesWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading around $80.85 on Wednesday.
    Source  Fxstreet
    Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $80.85 on Wednesday.
    placeholder
    Gold Price Forecast: XAU/USD extends rally above $2,170 amid weaker US Dollar, geopolitical tension risksGold Price (XAU/USD) extends its upside above the mid-$2,150 during the early Asian trading hours on Tuesday.
    Source  Fxstreet
    Gold Price (XAU/USD) extends its upside above the mid-$2,150 during the early Asian trading hours on Tuesday.
    placeholder
    Natural Gas sinks over 1% with gas sellers hanging in the ropesNatural Gas (XNG/USD) trades roughly flat on Friday and it is set to close off the week with a small gain on the US side. However, on the other side of the Atlantic, the European Gas market is set to close this week in the red as elevated reserves and
    Source  Fxstreet
    Natural Gas (XNG/USD) trades roughly flat on Friday and it is set to close off the week with a small gain on the US side. However, on the other side of the Atlantic, the European Gas market is set to close this week in the red as elevated reserves and
    goTop
    quote