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Fundamental analysis
The U.S. manufacturing PMI data showed that the PMI fell from 50.3 to 49 in March, which was the first time it fell into the contraction range in nearly three months, suggesting that U.S. economic growth may be slowing down. In terms of employment data, the latest JOLTS report showed that the number of job vacancies in the United States fell to 7.56 million in February, down from 7.76 million in the previous month, further confirming the trend of cooling in the labor market. At the same time, global geopolitical tensions and Trump's upcoming "reciprocal tariff" policy are stimulating safe-haven funds to flow into the gold market. The market is worried that trade frictions may lead to slower global economic growth and trigger a new round of inflationary pressures.
Technical analyst interpretation:
Recently, prices have pulled back after hitting a record high of $3,148.85 and are currently looking for support near the Fibonacci retracement level. The 23.6% retracement level of $3129.73, the 38.2% retracement level of $3117.83 and the 50% retracement level of $3108.22 constitute an important short-term support zone. Whether this area can be maintained will determine the recent trend of gold prices. It is worth noting that the MACD indicator has shown a dead cross signal, and the bar chart has turned from red to green, indicating that short-term momentum is weakening. At the same time, the RSI indicator is hovering at the 52.42 level, indicating that the market is in a neutral state. The CCI indicator has fallen to -61.63, close to the oversold area, which may indicate that if there is a rapid decline in the short-term level, it may attract buying support.
Market analysis: If the gold price can hold the key Fibonacci 50% retracement level of $3108.22, it is likely to continue to attack. At this time, $3148.85 will become an important resistance level above. Once the historical high is effectively broken, the gold price is expected to start a new round of rise, and the next target may point to the integer mark of $3200. If unfavorable market factors have come one after another, then in the short term, we need to pay attention to the retracement of 3092 and 3088 support. The fundamental factors of this view include the expectation of the Fed's interest rate cut, global geopolitical uncertainty, and the continued strengthening of risk aversion demand.
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🎁Stable weekly profit exceeds 259.7%🎁Win rate is as high as 98.83%,✔Copy accurate trading signals✔Account management. Real-time communication: t.me/cryptoanalyst_baker
Signal entry: t.me/FcCygjylf
Signal entry: t.me/FcCygjylf
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.