Overall, the Gold price opened the new trading week by surprising traders, XAUUSD hitting 2176 USD, after hitting 2165 USD at the close of last week's trading session, marking an increase of 110 pips (equivalent). for 0.53% ) intraday value. In the short term, bulls may continue to advance further, although it may have difficulty surpassing the peak on (Fri 08/Mar'24). Do you believe this? Because the medium-term fundamentals are negative for gold.
Currently, we still should not believe the news of the Fed's forecast of lowering interest rates.
Analysis: - If we are confident that the US economy will be resilient this year, then why does the Fed need the support of three interest rate cuts?
Conclude: -We are quite optimistic that there will be a continuing wave of gold price decline. Although, in the short term, the price will still be well supported.
On the new outlook for XAUUSD: H4 setup shows strong resistance from the market 2182 - 2190 USD. I expect the price will continue to test these market resistance levels with a bounce. If the price quickly returns to the 2165 support level, the likelihood of a breakout increases. Fundamentally and technically, the Gold market is showing weakness so we can expect a negative scenario at the moment.