Gold prices rose on expectations that the Federal Reserve will cut interest rates this year, although traders are still waiting for inflation data this week to confirm the timing of a rate cut. Spot gold closed at around $2,171.5 an ounce yesterday
U.S. sales of new single-family homes unexpectedly fell in February after mortgage rates rose during the month, but the underlying trend remains strong amid a chronic shortage of used homes on the market. The U.S. Census Bureau said new home sales fell 0.3% in February from the previous month to a seasonally adjusted annual rate of 662,000 units. The report released by the U.S. Commerce Department also showed that the median price of new homes in February was the lowest in more than two and a half years, while supply was the highest since November 2022
Federal Reserve policymakers said on Monday they remained confident that U.S. inflation, especially gains in housing prices, will ease, which they expect will help bring down the overall pace of price increases, but also acknowledged growing caution surrounding the debate. Fed Governor Cook said the Fed needs to be cautious when deciding when to start cutting interest rates, saying many of her colleagues have mentioned that the risks of easing monetary policy too early and easing too slowly are currently roughly balanced. Chicago Fed President Goolsby said he was still surprised by the stickiness of housing inflation, but he also believed this part of inflation would ease. He expects three interest rate cuts this year.
The Federal Reserve's interest rate cut expectations and the geopolitical risks that have progressed and expanded have supported gold's strong consolidation at high levels. At present, gold has broken through the two resistance levels of 2180 and 2185 US dollars, touching 2200 US dollars. It is currently encountering resistance at 2200 US dollars. It is expected that gold will fall back next.
Trading strategy: Wait until the price falls back to the resistance range of 2180-2185 US dollars, then you can buy multiple orders, and the take profit is expected to be in the 2200-2210 US dollars range. I will update the trading strategy in real time, so you can pay more attention.
U.S. sales of new single-family homes unexpectedly fell in February after mortgage rates rose during the month, but the underlying trend remains strong amid a chronic shortage of used homes on the market. The U.S. Census Bureau said new home sales fell 0.3% in February from the previous month to a seasonally adjusted annual rate of 662,000 units. The report released by the U.S. Commerce Department also showed that the median price of new homes in February was the lowest in more than two and a half years, while supply was the highest since November 2022
Federal Reserve policymakers said on Monday they remained confident that U.S. inflation, especially gains in housing prices, will ease, which they expect will help bring down the overall pace of price increases, but also acknowledged growing caution surrounding the debate. Fed Governor Cook said the Fed needs to be cautious when deciding when to start cutting interest rates, saying many of her colleagues have mentioned that the risks of easing monetary policy too early and easing too slowly are currently roughly balanced. Chicago Fed President Goolsby said he was still surprised by the stickiness of housing inflation, but he also believed this part of inflation would ease. He expects three interest rate cuts this year.
The Federal Reserve's interest rate cut expectations and the geopolitical risks that have progressed and expanded have supported gold's strong consolidation at high levels. At present, gold has broken through the two resistance levels of 2180 and 2185 US dollars, touching 2200 US dollars. It is currently encountering resistance at 2200 US dollars. It is expected that gold will fall back next.
Trading strategy: Wait until the price falls back to the resistance range of 2180-2185 US dollars, then you can buy multiple orders, and the take profit is expected to be in the 2200-2210 US dollars range. I will update the trading strategy in real time, so you can pay more attention.
Comment:
Now is the best opportunity to go long, with the price reaching around $2,180
Now is the best opportunity to go long, with the price reaching around $2,180
Comment:
At present, gold is more like a divergence pattern, rising in shocks. If the price does not fall below $2,167, the rise will continue.
At present, gold is more like a divergence pattern, rising in shocks. If the price does not fall below $2,167, the rise will continue.
Comment:
At present, the price of gold is rising along the lower line of the divergence pattern. As expected, it will still fluctuate and rise. I am not bearish for the time being.
At present, the price of gold is rising along the lower line of the divergence pattern. As expected, it will still fluctuate and rise. I am not bearish for the time being.
As expected, gold fell back after rising high. Next, pay attention to the resistance range of 2180-2185, and you can go long with light positions.