XAU/USD, H4
Gold prices have undergone a significant rally, approaching the historic high at $2146.80. The surge is fueled by market sentiment speculating on the potential for the Federal Reserve's first rate cut in June. Investors eagerly await cues from both Wednesday's testimony by Powell and Friday's Non-Farm Payrolls report to assess the likelihood of a June rate cut. The precious metal has long been favoured during times of lower interest rates, and current market dynamics are reinforcing its appeal as a safe-haven asset.
Gold prices have broken above the uptrend channel and continue to gain, suggesting that gold is trading with an extremely strong bullish momentum. Suggesting the bullish momentum is gaining.
Resistance level: 2117.90, 2140.00
Support level: 2088.20, 2068.80
Gold prices have undergone a significant rally, approaching the historic high at $2146.80. The surge is fueled by market sentiment speculating on the potential for the Federal Reserve's first rate cut in June. Investors eagerly await cues from both Wednesday's testimony by Powell and Friday's Non-Farm Payrolls report to assess the likelihood of a June rate cut. The precious metal has long been favoured during times of lower interest rates, and current market dynamics are reinforcing its appeal as a safe-haven asset.
Gold prices have broken above the uptrend channel and continue to gain, suggesting that gold is trading with an extremely strong bullish momentum. Suggesting the bullish momentum is gaining.
Resistance level: 2117.90, 2140.00
Support level: 2088.20, 2068.80