In terms of news, the Federal Reserve kept interest rates unchanged in March, but Federal Reserve Chairman Powell reiterated that it is expected to cut interest rates three times this year. This shows that the recent overheating inflation has not changed the Fed's plan. The market's expectations for the Federal Reserve to cut interest rates have increased. Gold has ended its adjustment and has risen again. , and continue to set new historical highs. The U.S. fourth-quarter PCE data was lower than market expectations, showing that core inflationary pressures have eased. The February PCE data recorded the smallest increase since March 2021, indicating that U.S. inflation is slowing, indicating that the Federal Reserve may start cutting interest rates in June. Gold bulls took profits on Monday, and the U.S. ISM manufacturing data for March was impressive, setting a new high since September 2022 and returning above the 50 boom-bust line. Gold fell sharply in the short term, but supported by expectations of interest rate cuts, gold prices have recovered all losses. .
On the daily chart, since the Federal Reserve meeting in March reiterated that it may cut interest rates three times this year, gold has ended its adjustment trend, surpassed the short-term downward pressure line, and restarted its upward trend. The price of gold has continued to set new historical highs, and its performance is very strong. For pressure above gold, focus on the historical high of US$2,265. The current gold price is on the rise, and there is a breakthrough opportunity. Secondly, focus on the upper limit of the annual K-line Bollinger Band at US$2,275. It continues to strengthen and has the opportunity to test the integer position of US$2,300. For support below, focus on the daily Bollinger Band. The upper track is around $2,245, followed by the weekly Bollinger Band track of $2,228. The 5-day moving average and MACD indicator golden cross diverge, the Bollinger Bands channel is upward, and the KDJ and RSI indicator golden cross are upward, indicating that the short-term technical outlook is biased towards the long side.
Gold intraday reference: Investors have high expectations for the Federal Reserve to cut interest rates in June, which continues to support the rise of gold. At present, gold continues to test upward, and is temporarily suppressed by the historical high near US$2,265. If it achieves a breakthrough, it will have the opportunity to test US$2,275. It will continue to strengthen. The upper space has the opportunity to test US$2,300. If it encounters resistance, it will start to fluctuate at a high level. The support below will focus on US$2,245. Followed by $2228.
On the daily chart, since the Federal Reserve meeting in March reiterated that it may cut interest rates three times this year, gold has ended its adjustment trend, surpassed the short-term downward pressure line, and restarted its upward trend. The price of gold has continued to set new historical highs, and its performance is very strong. For pressure above gold, focus on the historical high of US$2,265. The current gold price is on the rise, and there is a breakthrough opportunity. Secondly, focus on the upper limit of the annual K-line Bollinger Band at US$2,275. It continues to strengthen and has the opportunity to test the integer position of US$2,300. For support below, focus on the daily Bollinger Band. The upper track is around $2,245, followed by the weekly Bollinger Band track of $2,228. The 5-day moving average and MACD indicator golden cross diverge, the Bollinger Bands channel is upward, and the KDJ and RSI indicator golden cross are upward, indicating that the short-term technical outlook is biased towards the long side.
Gold intraday reference: Investors have high expectations for the Federal Reserve to cut interest rates in June, which continues to support the rise of gold. At present, gold continues to test upward, and is temporarily suppressed by the historical high near US$2,265. If it achieves a breakthrough, it will have the opportunity to test US$2,275. It will continue to strengthen. The upper space has the opportunity to test US$2,300. If it encounters resistance, it will start to fluctuate at a high level. The support below will focus on US$2,245. Followed by $2228.
Looking at the 60-minute chart, gold has encountered support near the 20-day moving average and continues to rise. The next step may be to exceed $2,277.