Gold walk sideways waiting for the opportunity

Gold prices are mostly flat as investors await key economic data and comments from US Federal Reserve (Fed) officials this week. World gold price stood at 2,172 USD/ounce, down slightly by 1 USD/ounce compared to the same hour yesterday morning.

Gold prices are mostly flat as investors await key economic data and comments from US Federal Reserve (Fed) officials this week for further confirmation of interest rate cuts by the central bank. The US central bank signaled.

It is forecast that US inflation indicators will have a significant impact on the gold market. According to him, any PCE figure lower than expected will weaken the USD and push up gold prices and vice versa. The long-term outlook for gold remains bright due to expectations of a policy pivot this year, strong demand from central banks and ongoing conflicts.

Meanwhile, the Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week's low of $2,149.20 an ounce. First resistance was seen at the overnight high of $2,179.50 per ounce and then at the March 22 high of $2,188.00 per ounce.

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Gold prices rose to a record high at the end of trading on Thursday, recording their best month in more than three years, driven by expectations of a cut in US interest rates and strong demand for safe havens.

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The influential investment bank has shifted its outlook on commodities to buy as early as 2024, citing cyclical and structural support for demand, and the role of commodities as a hedge against geopolitical risks.