GOLD solid gains, extending positive momentum

XAUUSD Q2 TECHNICAL OUTLOOK
Gold kicked off the first quarter of 2024 with solid gains, extending the positive momentum established in the latter part of 2023. During this upturn, XAU/USD soared to new all-time highs, decisively breaking past the $2,150 mark, and eventually reaching a peak of $2,235.

While bullion’s technical profile continues to be bullish, with a clear pattern of higher highs and higher lows, caution is advised, with the 10-week RSI indicator signaling possible overbought conditions. When markets become overextended in a short period of time, corrective pullbacks often follow, even if they turn out to be temporary or relatively minor.

In the event of a bearish shift, support can be identified at $2,145, followed by $2,070, as displayed in the weekly chart attached. Bulls will need to vigorously defend this technical floor; failure to do so may result in a retracement towards the 200-day simple moving average near $1,985. Further down, attention will turn to channel support at $1,920, then to $1,810.

On the other hand, if the bulls maintain control of the steering wheel and look to push prices higher in the coming days and weeks, a successful breakout could add further bullish pressure, paving the way for a move towards resistance. channel at $2,255.

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According to technical analysis, the impact of the PCE index and core PCE on the currency can go in two directions: Increasing CPI can lead to increased interest rates and an increase in the local currency; On the other hand, if the economy is in recession, an increase in CPI can lead to a deeper recession and a devaluation of the domestic currency.

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After the holiday, world gold prices continued to increase rapidly. The main reason may be that central banks around the world continue to buy physical gold. Rising demand has directly impacted gold prices, pushing prices to record highs.

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Precious metals markets have benefited from expectations of interest rate cuts by the Fed. In addition to investors buying to seek profits, the need for safe havens increased sharply at central banks.

The price of substituted gold may increase to 2,300 USD/ounce in the second quarter of this year, when the demand for gold to shelter cash flow continues to increase due to geopolitical tensions.

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Canada's March S&P global manufacturing PMI was higher than February

+++ Canada's March S&P global manufacturing PMI: 49.8, just below 50

+++ Previous: 49.7

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Wait until the morning Gold hour drops to 39-40 then it's good to get in. With a low back like this, it's not easy to dodge sweeps.

DXY and Gold in the same phase often sweep randomly

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Gold rises above $2,270 as USD weakens slightly following the release of February JOLTS job openings data as expected

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IMPORTANT ALERT🇺🇸

10 Minutes Left  For One Of Most Important Economic News


🟢 U.S. ISM Non-Manufacturing Prices

🟢U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI)

הערה:

In the April 3 session, gold was supported when the ISM services PMI report dropped to 51.4 compared to the initially estimated level of 52.8. The precious metal fell to $2,267 early in the European session but then rebounded sharply and ended the day at $2,293 after the PMI data was released.