๐ฅ GOLD MARKET ANALYSIS AND COMMENTARY - [March 25 - March 29]
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This week, international gold prices increased quite sharply from 2,145 USD/oz to 2,211 USD/oz, then decreased to 2,157 USD/oz and closed the week at 2,165 USD/oz.
The reason why international gold prices increased sharply in the first sessions of the week was because in the recent meeting, the FED said there would be 3 interest rate cuts this year, regardless of inflation remaining above the target level of 2%.
Although from now until the next June meeting, the US will have a lot of economic data, especially inflation and employment data... published, but many experts still affirm that the FED will find it difficult to delay monetary easing. bad. Because if the FED delays cutting interest rates further, it will cause the US economy to lose growth momentum and even fall into recession.
Although the economic recession depends on a number of other factors, that statistical probability also partly shows that there is a potential risk to the US economy, and the FED may have also anticipated the risk. Therefore, we will be determined to cut interest rates in the near future. And this will also be the reason for the gold price to increase even higher, although it is difficult for the gold price to avoid the pressure of adjustment and consolidation in the short term due to profit taking by investors, ETFs, especially SPDR. big profitable states.
Next week, the US will release a lot of economic data, notably the personal consumption expenditure index (PCE) - the FED's favorite inflation index. Even if PCE increases more than expected, it is not a cause for concern, because the FED has confirmed that it will still cut interest rates even if the target inflation is above 2%. Therefore, PCE may not have much impact on gold prices next week, unless this index increases dramatically.
Technically, the next support level for gold prices next week is at 2,145 USD/oz. If it stays above this level, gold prices will likely increase again next week. However, if next week's gold price is pushed below this level, it may adjust to below 2,100 USD/oz, followed by the important support area of โโ2,041-2,067 USD/oz.
The trading plan (reference) for next week will consider buying around 2077 and selling around the 2200 round resistance mark.
The reason why international gold prices increased sharply in the first sessions of the week was because in the recent meeting, the FED said there would be 3 interest rate cuts this year, regardless of inflation remaining above the target level of 2%.
Although from now until the next June meeting, the US will have a lot of economic data, especially inflation and employment data... published, but many experts still affirm that the FED will find it difficult to delay monetary easing. bad. Because if the FED delays cutting interest rates further, it will cause the US economy to lose growth momentum and even fall into recession.
Although the economic recession depends on a number of other factors, that statistical probability also partly shows that there is a potential risk to the US economy, and the FED may have also anticipated the risk. Therefore, we will be determined to cut interest rates in the near future. And this will also be the reason for the gold price to increase even higher, although it is difficult for the gold price to avoid the pressure of adjustment and consolidation in the short term due to profit taking by investors, ETFs, especially SPDR. big profitable states.
Next week, the US will release a lot of economic data, notably the personal consumption expenditure index (PCE) - the FED's favorite inflation index. Even if PCE increases more than expected, it is not a cause for concern, because the FED has confirmed that it will still cut interest rates even if the target inflation is above 2%. Therefore, PCE may not have much impact on gold prices next week, unless this index increases dramatically.
Technically, the next support level for gold prices next week is at 2,145 USD/oz. If it stays above this level, gold prices will likely increase again next week. However, if next week's gold price is pushed below this level, it may adjust to below 2,100 USD/oz, followed by the important support area of โโ2,041-2,067 USD/oz.
The trading plan (reference) for next week will consider buying around 2077 and selling around the 2200 round resistance mark.
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Gold: Retail trader data shows 50.43% of traders are net-long with the ratio of traders long to short at 1.02 to 1. In fact, traders have remained net-long since Mar 01 when Gold traded near 2,082.75, price has moved 4.24% higher since then. The number of traders net-long is 11.14% higher than yesterday and 7.51% higher from last week, while the number of traders net-short is 6.18% higher than yesterday and 16.42% lower from last week.ืืขืจื
After completing a bullish pennant pattern last week, the daily gold chart is now looking to build another bullish set-up. The current sideways price action may turn into a bullish flag pattern, and this would likely see gold pushback above $2,200/oz. and test the ATH at just under $2,225/oz. Reasonable first-line support seen a fraction under $2,150/oz.ืืขืจื
๐ธKremlin: The investigation into the shooting continues and the head of the investigation has reported to President Vladimir Putin.๐ธSpot gold increased 1.00% on the day, up nearly 10 USD in the short term and is currently trading at 2,193.61 USD/ounce.
๐ธNegotiations on a ceasefire in Gaza and the release of hostages continued, with Mossad officials remaining in Doha.
๐ธA Mossad team is returning to Israel from Doha to discuss the progress of the negotiations.
Gold is crazy today ๐ฅน๐ฅน๐ฅน
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Weekly trading strategy with SELL signal + 280pips, close a part move SL to entry.๐ฅืืขืจื
Japan's MOF, FSA and BOJ hold an emergency meeting to discuss financial marketsThe meeting just took place not long ago.
The market fluctuates too crazy ๐๐
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After falling below $2,190 under pressure from a rebound in the USD as Fed official Waller said the Fed was in no hurry to cut interest rates and could maintain current interest rates longer than expected, gold is now rebounding to above. $2,195. USD decreased slightly. DXY fell to 104.34ืืขืจื
The USD is rising slightly, with the DXY index up nearly 2% from its March low and up 3.3% year to date.
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๐งฉConsulting on Risk Management
๐งฉAccount management
๐งฉForex signals have a high win rate
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