XAU continued to increase early in the day
Updated
Gold is unlikely to reach a new record high before Easter unless there is significant news that strengthens the case for an earlier rate cut. Reaching record highs later this year and gold price forecast The precious grade will reach 2,350 USD/ounce in the first quarter of 2025. Besides, gold prices are also supported by physical demand from households in China. Rising demand in China helps offset weak demand in India when prices are pushed up.
World gold prices set a new peak last week after Fed Chairman Jerome Powell said the US Central Bank still has the ability to reduce interest rates by three-quarters of a percentage point in 2024. Traders are pricing 70 % probability that the Fed will cut interest rates in June, increased compared to before the policy meeting.
In addition, the statements of a series of Fed officials this week are also awaited by the market.
World gold prices set a new peak last week after Fed Chairman Jerome Powell said the US Central Bank still has the ability to reduce interest rates by three-quarters of a percentage point in 2024. Traders are pricing 70 % probability that the Fed will cut interest rates in June, increased compared to before the policy meeting.
In addition, the statements of a series of Fed officials this week are also awaited by the market.
Note
SELL XAU 2185 - 2187TP1: 2180
TP2: 2175
SL: 2195
BUY XAU 2149 - 2151
TP1: 2156
TP: 2166
SL: 2140
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