On February 24, in the Asian market, the price of goldXAUUSD is close to the record high of last week, mainly due to unexpectedly weak economic data in the United States and high inflation expectations, increasing demand for safe-haven assets.
Gold price XAUUSD is currently fluctuating around 2,940 USD, reaching a high of 2,943 USD, close to the all-time record, after rising for the 8th consecutive week, the longest streak of price increases since 2020. Gold prices increased thanks to strong demand for gold ETFs, with holdings last week recording the largest increase since 2022.
Gold price XAUUSD hit a record high last Thursday due to safe-haven demand According to Bloomberg, data last Friday showed slowing US business activity, falling consumer confidence and rising inflation expectations.
The president of the Chicago Federal Reserve, speaking to news channels on Sunday, said that while the data was not ideal, it was only one month of data and that at least two to three months of data would be needed to really have an effect.
Based on the data, the market is pricing in the possibility of the Fed cutting rates again this year, with traders now pricing in the first rate cut of 2025 to come in July instead of September. Lower borrowing costs are generally good for gold because the metal does not pay interest.
The latest CME “Fed Watch” data shows a 97.5% chance of keeping rates unchanged in March, a 25 basis point rate cut at 2.5%, a 67.8% chance of keeping rates unchanged in May, a 30.5% chance of a cumulative 25 basis point rate cut, and a 1.7% chance of a cumulative 50 basis point rate cut.
Economic data this week includes the Fed’s preferred inflation gauge, the core PCE price index, which is expected to fall to its slowest pace since June. However, easing price pressures will make policymakers more cautious about cutting rates.
Gold Price Technical Outlook Analysis XAUUSD On the daily chart, after gold fell, it once again rebounded from the important technical zone noted by readers in the previous issue with the trend (b) as the short-term trend. The support level of 2,922 USD once again helped gold recover and break above 2,940 USD, with the current position, the upside momentum is temporarily limited by the 0.382% Fibonacci extension level and once this level is broken, gold will be eligible to continue to increase in price with the target then being the all-time high, more than the position of the 0.50% Fibonacci extension.
Intraday, the technical structure is completely tilted towards the possibility of price increase unchanged. The notable positions will also be listed again as follows.
Support: 2,940 – 2,922USD
Resistance: 2,946 – 2,954 – 2,971USD
This is the end of the article, wish you a productive and happy working day
Gold price XAUUSD is currently fluctuating around 2,940 USD, reaching a high of 2,943 USD, close to the all-time record, after rising for the 8th consecutive week, the longest streak of price increases since 2020. Gold prices increased thanks to strong demand for gold ETFs, with holdings last week recording the largest increase since 2022.
Gold price XAUUSD hit a record high last Thursday due to safe-haven demand According to Bloomberg, data last Friday showed slowing US business activity, falling consumer confidence and rising inflation expectations.
The president of the Chicago Federal Reserve, speaking to news channels on Sunday, said that while the data was not ideal, it was only one month of data and that at least two to three months of data would be needed to really have an effect.
Based on the data, the market is pricing in the possibility of the Fed cutting rates again this year, with traders now pricing in the first rate cut of 2025 to come in July instead of September. Lower borrowing costs are generally good for gold because the metal does not pay interest.
The latest CME “Fed Watch” data shows a 97.5% chance of keeping rates unchanged in March, a 25 basis point rate cut at 2.5%, a 67.8% chance of keeping rates unchanged in May, a 30.5% chance of a cumulative 25 basis point rate cut, and a 1.7% chance of a cumulative 50 basis point rate cut.
Economic data this week includes the Fed’s preferred inflation gauge, the core PCE price index, which is expected to fall to its slowest pace since June. However, easing price pressures will make policymakers more cautious about cutting rates.
Gold Price Technical Outlook Analysis XAUUSD On the daily chart, after gold fell, it once again rebounded from the important technical zone noted by readers in the previous issue with the trend (b) as the short-term trend. The support level of 2,922 USD once again helped gold recover and break above 2,940 USD, with the current position, the upside momentum is temporarily limited by the 0.382% Fibonacci extension level and once this level is broken, gold will be eligible to continue to increase in price with the target then being the all-time high, more than the position of the 0.50% Fibonacci extension.
Intraday, the technical structure is completely tilted towards the possibility of price increase unchanged. The notable positions will also be listed again as follows.
Support: 2,940 – 2,922USD
Resistance: 2,946 – 2,954 – 2,971USD
This is the end of the article, wish you a productive and happy working day
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.