🔖XAU/USD, H4🔖 11 March 2024
Gold prices enjoy continued gains, propelled by a weakening US Dollar. A series of lacklustre US economic data, coupled with dovish statements from the Federal Reserve, diminish the appeal of the greenback. The focus shifts to forthcoming inflation reports, where a continued decline in US inflation may heighten expectations for Fed interest rate cuts, further supporting gold market demand.
Gold prices are trading higher following the prior breakout above the previous resistance level. Suggesting the commodity might enter overbought territory.
Resistance level: 2235.00, 2350.00📉
Support level:2150.00, 2080.00📈
Gold prices enjoy continued gains, propelled by a weakening US Dollar. A series of lacklustre US economic data, coupled with dovish statements from the Federal Reserve, diminish the appeal of the greenback. The focus shifts to forthcoming inflation reports, where a continued decline in US inflation may heighten expectations for Fed interest rate cuts, further supporting gold market demand.
Gold prices are trading higher following the prior breakout above the previous resistance level. Suggesting the commodity might enter overbought territory.
Resistance level: 2235.00, 2350.00📉
Support level:2150.00, 2080.00📈