Gold price ( XAU/USD ) is trading comfortably above $1,950 after peaking around $2,000 thick resistance. Meanwhile, Silver price (XAG/USD) is trending up continuously with less volatility up and down and is trading above $23 level, still has room to make up before hitting all-time highs. year-to-date in early January about $24.50.
Gold price trades precariously while waiting for US PCE inflation, China PMI
Gold trading has been mostly volatile for most of the week as the volatility seen over the past two weeks, with bank bankruptcies and key central bank meetings catching all the attention, has declined. gradually.
The market is now looking ahead to the next Federal Reserve meeting in early May and will spend the whole month of April trying to figure out the possibility of more rate hikes to combat relentless inflation before the official announcement. The inevitable easing monetary policy of the US central bank begins. The next high-profile event to start figuring that out is the US Personal Consumption Expenditure (PCE) Price Index released on Friday, the Fed's preferred inflation gauge. Friday will be a day of high-risk trading, including the release of China's Purchasing Managers' Index (PMI) – China is the world's largest Gold market - and end-of-quarter trading flows. .
Until then, Gold prices are likely to stay in range, along with steady US Treasury yields and the value of the US Dollar Index.
Support level: 1,944.00 1,932.65 1,921.80
Resistance: 1,970.30 1,977. 40 1,988.30
Trading recommendation:
BUY XAUUSD 1931 1930
Stop Loss : 1928
Take profit1 :1939
Take Profit 2:1947
Take profit 3: 1957
SELL XAUUSD 1983 1985
Stop Loss : 1987
Take profit 1:1973
Take Profit 2: 1968
Take profit 3:1950
Note: Always install Stoploss and Takeprofit to ensure safety in trading
Gold price trades precariously while waiting for US PCE inflation, China PMI
Gold trading has been mostly volatile for most of the week as the volatility seen over the past two weeks, with bank bankruptcies and key central bank meetings catching all the attention, has declined. gradually.
The market is now looking ahead to the next Federal Reserve meeting in early May and will spend the whole month of April trying to figure out the possibility of more rate hikes to combat relentless inflation before the official announcement. The inevitable easing monetary policy of the US central bank begins. The next high-profile event to start figuring that out is the US Personal Consumption Expenditure (PCE) Price Index released on Friday, the Fed's preferred inflation gauge. Friday will be a day of high-risk trading, including the release of China's Purchasing Managers' Index (PMI) – China is the world's largest Gold market - and end-of-quarter trading flows. .
Until then, Gold prices are likely to stay in range, along with steady US Treasury yields and the value of the US Dollar Index.
Support level: 1,944.00 1,932.65 1,921.80
Resistance: 1,970.30 1,977. 40 1,988.30
Trading recommendation:
BUY XAUUSD 1931 1930
Stop Loss : 1928
Take profit1 :1939
Take Profit 2:1947
Take profit 3: 1957
SELL XAUUSD 1983 1985
Stop Loss : 1987
Take profit 1:1973
Take Profit 2: 1968
Take profit 3:1950
Note: Always install Stoploss and Takeprofit to ensure safety in trading
