Is the gold ready to make a new high?
Updated
Technical analysis of gold:
Key resistance: 2185 - 2189 and 2207 - 2212
Key support: 2176 - 2179
If the resistance is broken, we can expect a strong upward trend towards 2200 and 2212. 📈
Key resistance: 2185 - 2189 and 2207 - 2212
Key support: 2176 - 2179
If the resistance is broken, we can expect a strong upward trend towards 2200 and 2212. 📈
Note
Technical and Fundamental Analysis of Gold (XAUUSD) - March 27, 2024Last week, meetings of central banks from major economies caused a lot of ups and downs in the markets. This led to a big jump in the price of gold. Gold reached a new record high of $2,222.82.
One important reason for gold's rise was the US Federal Reserve's decision to cut interest rates 3 times in 2024. Even though inflation has stayed higher than expected recently, the Fed cut rates anyway. This may help push gold prices even higher for the rest of the year.
Also, some money has been leaving gold exchange-traded funds (ETFs). This shows smaller investors are not putting as much money into the gold market. The number of contracts for gold futures trading on COMEX is around 222,000. This is average compared to 2018, but lower than the high in 2020. So there may still be room for more money to enter the gold market. More futures trading could push gold prices higher.
This week, the markets have been trying to find a clear direction. Data from the US is mixed. Yesterday, consumer confidence was disappointing as both the March and revised February numbers fell below 105. But orders for long-lasting goods like cars and appliances were strong and better than expected.
Tonight, a speech by Federal Reserve member Chris Waller about the economy will get attention. Waller often takes a "hawkish" view, so it will be interesting to see how he reacts to the latest numbers. The biggest news this week that could cause big price swings in gold and the dollar is the PCE inflation data on Friday.
If PCE inflation comes in hotter than expected, it could push gold prices lower and the dollar higher as investors see higher rate hikes ahead.
Technically, as we expected on March 13th, the $2,150 level provided strong support. Gold reached close to our second target of $2,248.57 and touched $2,222.82. If gold stays above $2,188 going forward, it may try to touch $2,223 and $2,226 again. Breaking $2,226 opens the way to targets of $2,250.23 and $2,275.26. Resistance at $2,188 could offer selling opportunities back to $2,150 and $2,146.05. A breakdown below could extend gold's correction to at least $2,129.74 and $2,124.56.
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Important gold support range:2285 - 2281 - 2277 📈
These prices can lead to an upward trend to set a new ceiling!
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Exactly followed the predicted pattern!It went down to 2285 and then the upward trend started again
Enjoy :)
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New idea :
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Update:Note
The complete and precise trend prediction was followed accurately. 
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