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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
the Chart of the Day
On the chart of the day, XAUUSD continued climbing. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred at a high level, showing the bullish market trend prevailed. XAUUSD will rise further with potential resistance at 2350 if it breaks above 2300.
4-hour chart
On the 4-hour chart, XAUUSD was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, RSI went upwards after golden cross occurred, showing XAUUSD will rise further. Investors should focus on whether XAUUSD will break through the support at 2260. It will rise further if it retreats but is stable above 2260.
Key resistance: 2300, 2350
Key support: 2260, 2228
Generally speaking, as the bullish market trend prevailed, XAUUSD is more likely to rise further. Investors should focus on Powell’s speech during the day.
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