Gold fluctuated within a narrow range on Tuesday and is currently trading around $2,177. After trading slightly higher on Monday, prices remain near all-time highs after last week's record gains, as traders await U.S. inflation data that could provide more clarity on the Federal Reserve's interest rate trajectory.
U.S. CPI data for February will be released today. U.S. CPI in February is expected to increase by 0.3% to 0.4% month-on-month, with a year-on-year increase of 3.1% unchanged. Core CPI is expected to drop from 0.4% to 0.3% month-on-month and from 3.9% to 3.7% year-on-year.
Last week, Powell indicated that the Fed would eventually begin to ease policy, but stressed that the central bank still relies on data. Although the Fed chairman said the central bank is confident that inflation is edging lower, they are in no rush to cut borrowing costs. Low interest rates help gold prices rise because they reduce the opportunity cost of holding zero-yielding gold.
Physical gold demand in many countries is expected to remain relatively strong this year, and net positive demand from multiple central banks appears to be continuing into this year, with multiple central banks adding 39 tons of gold in January.
Gold technical analysis
Daily resistance is 2200, support below is 2150-24
Four-hour resistance is 2200, support below is 2167-53
Gold operation suggestions:
Today, the lower support continues to focus on the vicinity of 2167, and the upper pressure is in the 2190-95 area. The short-term price stabilizes above 2150, and bulls are still strong.
BUY:2167near
BUY:2153near
BUY:2124near
U.S. CPI data for February will be released today. U.S. CPI in February is expected to increase by 0.3% to 0.4% month-on-month, with a year-on-year increase of 3.1% unchanged. Core CPI is expected to drop from 0.4% to 0.3% month-on-month and from 3.9% to 3.7% year-on-year.
Last week, Powell indicated that the Fed would eventually begin to ease policy, but stressed that the central bank still relies on data. Although the Fed chairman said the central bank is confident that inflation is edging lower, they are in no rush to cut borrowing costs. Low interest rates help gold prices rise because they reduce the opportunity cost of holding zero-yielding gold.
Physical gold demand in many countries is expected to remain relatively strong this year, and net positive demand from multiple central banks appears to be continuing into this year, with multiple central banks adding 39 tons of gold in January.
Gold technical analysis
Daily resistance is 2200, support below is 2150-24
Four-hour resistance is 2200, support below is 2167-53
Gold operation suggestions:
Today, the lower support continues to focus on the vicinity of 2167, and the upper pressure is in the 2190-95 area. The short-term price stabilizes above 2150, and bulls are still strong.
BUY:2167near
BUY:2153near
BUY:2124near
Trade attivo:
Markets are slow ahead of CPI release as traders wait for news to be released
Trade attivo:
U.S. February CPI data will be released in 2 hours, which will provide the Federal Reserve with further clues on interest rate cuts. The market currently expects CPI data to be mixed, and gold may reach new highs or usher in a reversal.
Trade attivo:
Today's CPI, the lower support focuses on the vicinity of 2153, the upper pressure is in the 2190-95 area, you can go long in the 2151~2156 range, sell in the 2195~2200 range at the top, trade cautiously, control the transaction size, let us pay attention to the news release
Trade attivo:
The market is as I predicted, falling first and then rising
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Hit TP
Trade attivo:
Free sharing before CPI, gold has risen by 13$. If you think the same as me, you have made good profits.
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