Gold rose slightly at the opening of the new weekly session

World gold prices rebounded after a sharp decline last week. World gold price stood at 2,173 USD/ounce, a slight increase of 8 USD/ounce compared to last week's closing session.

I am neutral on the gold price outlook this week. Gold prices have recently increased sharply, so it wouldn't be surprising if they decrease when the USD strengthens at the end of Q1 2024. As the month-end approaches, there may be investors selling.

There is a 25% chance of gold reaching a record level of $2,300/oz in the second half of the year. The forecasted outlook for gold prices is still $2,150/oz, but there is also a possibility of it climbing to $3,000/oz in the next 12-16 months. Gold is often considered a safe haven during economic stress.

This week, the gold market will receive important updates on US new home sales, the Richmond Fed survey, mortgage applications, GDP growth figures for Q4 2023, unemployment benefits applications, pending home sales, and the University of Michigan's consumer confidence survey.

Resistance: 2182 - 2188 - 2195
Support: 2166 - 2160 - 2155 - 2150

Commentaire:

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.

Commentaire:

Commentaire:

🌸Kremlin: The investigation into the shooting continues and the head of the investigation has reported to President Vladimir Putin.

🌸Spot 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.

🌸Negotiations on a ceasefire in Gaza and the release of hostages continued, with Mossad officials remaining in Doha.

🌸A Mossad team is returning to Israel from Doha to discuss the progress of the negotiations.

Gold is crazy today 🥹🥹🥹

Commentaire:

Gold prices attempted to close above $2195, the all-time high printed earlier this year before the latest milestone around $2222. This appears as a test for bullish momentum with a failure to close above suggesting that bullish momentum may require another catalyst to advance the bullish move.

$2146 appears as the relevant level of support if bears are to regain control this week. To reiterate, Friday may cause elevated volatility should we see a surprise in the data – due to lower liquidity.

Commentaire:

Japan's MOF, FSA and BOJ hold an emergency meeting to discuss financial markets

The meeting just took place not long ago.

The market fluctuates too crazy 😈😈

Commentaire:

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 104.34

Commentaire:

The USD is rising slightly, with the DXY index up nearly 2% from its March low and up 3.3% year to date.

Commentaire:

🟢Fed's Powell: The fact that the United States is growing strongly, and the labor market is strong, gives us the opportunity to be more confident about inflation until interest rates are lowered.

Commentaire:

📌According to technical analysis, gold prices are still in an uptrend and may reach $2,300/oz. If economic data is negative, prices may face profit-taking pressure with support levels at $2,150-2,100-2,080/oz. Trading plan: sell at $2,300 and buy at $2,150.