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Analysis and Education>Technical Analysis: XAUUSD

Technical Analysis: XAUUSD

03.04.2024

XAUUSD continued to revise a record high


On Tuesday, XAUUSD continued rising sharply and reached a record high of US$2281.06 per ounce. It ended up 1.38% at US$2280.31 per ounce.


Officials expected that the Fed will cut the interest rate for 3 times


It is a reasonable expectation that the Fed will cut the interest rate for 3 times, the San Francisco Fed Governor Mary Daly said on Tuesday. If economic data change, the Fed can decrease or increase the number of the interest rate cut accordingly, she added.


The Cleveland Fed Governor Loretta Mester also expected that the Fed will cut the interest rate for three times. She also said the interest rate cut is possible in June, but it is impossible in May.


Gold ETF holdings increased


As of April 2, gold ETF holdings reached 829 tons, an increase of 2.02 tons over the previous trading day, according to the data from the largest gold ETF——SPDR Gold Trust.


The bullish market trend prevailed in the short term