XAUUSD : Will gold today create a new peak or retreat?
Updated
XAU/USD fell slightly below the 2,300 USD/oz mark ahead of US NFP jobs data
Gold prices retreated slightly to around $2,270 at the beginning of the Asian session after just setting a new record high yesterday, surpassing $2,300.
Geopolitical risks in the Middle East and expectations of loosening monetary policy from the Fed are still big driving forces for this precious metal's rise. Today, the market is waiting for US March NFP data to look for more motivation, with an additional 200,000 new jobs expected in March. Meanwhile, the DXY index, a measure of the value of the USD against a basket of currencies weighted by America's trading partners, which recovered to 104.30 from a two-week low of 103.90. The 10-year US government bond yield decreased slightly to 4.30%.
Fed Chairman Jerome Powell reaffirmed that interest rates are likely to peak in the current cycle, and said FOMC policymakers believe it is appropriate to begin cutting interest rates if the economy progress according to the scenario expected by the Fed. These dovish views are giving a boost to precious metals including gold.
In general, the main trend is still an uptrend as the EMA lines are still pointing up and have a certain openness. The current correction is inevitable when all indicators are in an "overbought" state. If a downward correction occurs, the $2,200 - $2,220 zone will be a potential support zone. Next is around the $2,150 mark, this will be an important milestone because if it breaks through this mark, it will likely trigger a strong selling wave pushing the price near the base of the last two weeks' rising wave at around $2,050. In the immediate future, the price has not yet had any clear reactions after hitting the $2,300 mark, so it cannot be said that this is a hard resistance level and today's NFP data will be the deciding factor whether gold will continue to increase or not.
Gold prices retreated slightly to around $2,270 at the beginning of the Asian session after just setting a new record high yesterday, surpassing $2,300.
Geopolitical risks in the Middle East and expectations of loosening monetary policy from the Fed are still big driving forces for this precious metal's rise. Today, the market is waiting for US March NFP data to look for more motivation, with an additional 200,000 new jobs expected in March. Meanwhile, the DXY index, a measure of the value of the USD against a basket of currencies weighted by America's trading partners, which recovered to 104.30 from a two-week low of 103.90. The 10-year US government bond yield decreased slightly to 4.30%.
Fed Chairman Jerome Powell reaffirmed that interest rates are likely to peak in the current cycle, and said FOMC policymakers believe it is appropriate to begin cutting interest rates if the economy progress according to the scenario expected by the Fed. These dovish views are giving a boost to precious metals including gold.
In general, the main trend is still an uptrend as the EMA lines are still pointing up and have a certain openness. The current correction is inevitable when all indicators are in an "overbought" state. If a downward correction occurs, the $2,200 - $2,220 zone will be a potential support zone. Next is around the $2,150 mark, this will be an important milestone because if it breaks through this mark, it will likely trigger a strong selling wave pushing the price near the base of the last two weeks' rising wave at around $2,050. In the immediate future, the price has not yet had any clear reactions after hitting the $2,300 mark, so it cannot be said that this is a hard resistance level and today's NFP data will be the deciding factor whether gold will continue to increase or not.
Trade active
BUY 2270 - 2273TP1 : 2275
TP2 : 2280
TP3 : 2285
SL 2265
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✔️ TP2 : 2273
✔️ TP3 : 2270
❌ SL 2290
Note
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