在特朗普政府推出关税措施后，美联储周三维持其政策利率在4.25%-4.50%的区间，同时官员上调今年通胀预期，并下调经济增长预期。美联储点阵图显示今年将降息两次。
#GoldTechnical Analysis#24K99 News On Thursday (March 20), during the European market's early session, spot Gold has continued to retreat from its high point, with the current gold price dropping to around 3040 USD/ounce; during the Asian market on Thursday, the gold price once reached 3057.57 USD/ounce, setting a new record high. FXStreet Senior Analyst Dhwani Mehta wrote an analysis on gold price trading.
Mehta pointed out that the gold price stagnated after breaking through the historical high of 3050 USD/ounce earlier on Thursday. The gold price is aiming for a triangle target of 3080 USD/ounce, butFrom a technical perspective,the overbought condition warrants caution.
Mehta stated that despite the recent pullback in gold prices, the fundamental outlook for gold remains bullish due to concerns about tariffs raised by USA President Trump and the dovish outlook from the Federal Reserve.
After the Trump administration implemented tariff measures, the Federal Reserve maintained its policy interest rate in the range of 4.25%-4.50% on Wednesday, while officials raised the inflation forecast for this year and lowered the economic growth expectation. The Federal Reserve's dot plot shows two rate cuts are expected this year.
As tariffs are harming the economy, USA President Trump urged the Federal Reserve to lower interest rates on his Social Media account.
In addition, as usual,safe-haven assetthe price of Gold continues to benefit from the escalating geopolitical tensions in the Middle East. Israel announced on Wednesday the resumption of ground operations in Gaza.
Mehta stated that looking ahead, the market will closely monitor the number of initial jobless claims and existing home sales data for new clues regarding the state of the USA economy. However, developments in geopolitics and Trade will continue to play a key role in driving Gold price movements in the coming Trading days.
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Mehta pointed out that from a technical perspective, there has been no change in Gold prices recently, as the Call bias remains intact and the ascending triangle breakout is in effect. However, the possibility of a short-term pullback in Gold prices cannot be ruled out, as the 14th.Relative Strength Index (RSI) Hovering in the overbought area, close to 74.
Mehta stated that during the corrective decline, Gold prices may test the previous day's low of $3023 per ounce; once this level is breached, sellers will target $3000 per ounce. The next Resistance for Gold prices is at the weekly low of $2982 per ounce and the earlier triangle resistance turned support level of $2956 per ounce.
(Spot Gold daily chart Source: FXStreet)
On the other hand, Mehta added that conversely, if buyers regain confidence, Gold prices may re-test the record high set on Thursday. If Gold continues to rise, the triangle target of $3080 per ounce will be tested.
As of 16:10 Beijing time, spot Gold is quoted at $3040.42 per ounce.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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