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21.03.2024
XAUUSD surged by 1.3%
On Wednesday, as the USDX fell, XAUUSD climbed. It was around the 2190 mark at one point. It ended down 1.32% at US$2185.80 per ounce.
The Fed governor released dovish statements
On Wednesday, the Fed kept the federal fund interest rate target range unchanged at 5.25%-5.5%. The Fed has kept the interest rate unchanged for the fifth straight time since September 2023.
As the interest rate may be at the cyclical peak, it is appropriate to start reducing the interest rate at one point this year, however, the inflation still remained high, the Fed Governor Powell said. In addition, the Fed will cut the interest rate by 75 basis points, which means it will reduce the interest rate by 25 basis points for three times, according to the latest dot plot from the Fed.
Gold ETF holdings increased
As of March 20, gold ETF holdings reached 838.50 tons, up 1.15 tons from the previous trading day, according to the largest Gold ETF——SPDR Gold Trust.
The market trend is bullish in the short term
the Chart of the Day
On the chart of the day, XAUUSD broke above the insidebar pattern yesterday. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing the bullish market trend prevailed. Investors should focus on whether XAUUSD will break through the resistance at 2240. It will rise further with potential resistance at 2280 if it breaks above 2240.
4-hour chart
On the 4-hour chart, XAUUSD increased steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing XAUUSD will rise further. Investors should focus on whether XAUUSD will break through the support at 2195. It will jump further if it retreats but is stable above 2195.
Key resistance: 2240, 2280
Key support: 2195, 2180
Generally speaking, as the Fed Governor Powell made dovish statements, XAUUSD is more likely to rise further. Investors should focus on US economic data during the day.
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