XAU trades around 2170
Diupdate
XAU price is fluctuating around the 2070 threshold
XAU increased slightly due to the weakening of the USD. However, according to analysts, in reality, the strength of the USD is at a high level, causing gold to be under a lot of downward pressure, posing many risks. Expert Aakash Doshi, head of commodity research in North America at CitiBank, said that gold prices could increase to 2,300 USD/ounce in the second half of 2024 following a signal from the US Federal Reserve (Fed). ) about cutting interest rates three times this year.
Analysts at Citigroup forecast that there is a 25% probability that gold prices will reach a record level of 2,300 USD/ounce in the second half of the year.
Technically, rising April gold futures have a solid overall near-term technical advantage. A five-week uptrend is forming on the daily bar chart. The bulls' next upside price objective is to produce a close above solid resistance at the contract and the record high of $2,225.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,149.20. First resistance is seen at $2,182.50 and then at Friday's high of $2,188.00. First support is seen at today's low of $2,164.40 and then at Friday's low of $2,158.40.
XAU increased slightly due to the weakening of the USD. However, according to analysts, in reality, the strength of the USD is at a high level, causing gold to be under a lot of downward pressure, posing many risks. Expert Aakash Doshi, head of commodity research in North America at CitiBank, said that gold prices could increase to 2,300 USD/ounce in the second half of 2024 following a signal from the US Federal Reserve (Fed). ) about cutting interest rates three times this year.
Analysts at Citigroup forecast that there is a 25% probability that gold prices will reach a record level of 2,300 USD/ounce in the second half of the year.
Technically, rising April gold futures have a solid overall near-term technical advantage. A five-week uptrend is forming on the daily bar chart. The bulls' next upside price objective is to produce a close above solid resistance at the contract and the record high of $2,225.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,149.20. First resistance is seen at $2,182.50 and then at Friday's high of $2,188.00. First support is seen at today's low of $2,164.40 and then at Friday's low of $2,158.40.
Catatan
SELL XAU 2184 - 2188TP1: 2174
TP2: 2170
SL: 2198
BUY XAU 2154 - 2158
TP1: 2164
TP2: 2174
SL: 2144
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