GOLD continued to decline compared to the previous session
World gold spot price is around 2,165 USD/ounce, down more than 16 USD/ounce compared to the same time yesterday morning.
Gold prices on the international market continue to decline because the USD has not stopped its rise. Specifically, the Dollar-Index - measuring the strength of the greenback compared to 6 major currencies, increased sharply by 0.42% to 104,075 points at 6:05 a.m. this morning.
The USD benefited from positive economic and employment information in the US in February, despite the US Federal Reserve (Fed) announcing that it would reduce operating interest rates this year.
The positive recovery of the US economy has helped investors escape capital from precious metals such as gold - an asset that ensures capital safety - to invest in profitable assets such as stocks and bonds.
On March 21, the Dow Jones industrial index set a new peak, increasing nearly 0.7% to 39,781.37 points, the S&P 500 index increased 0.3% to 5,241.53 points, and the Nasdaq technology index Composite increased 0.2% to 16,401.84 points.
Investors turned to investing in risky assets such as stocks, which shows that the market is somewhat reassured when the US economy remains strong despite interest rates remaining at a 20-year high and the Fed expected to cut reduce interest rates this year.
Gold prices on the international market continue to decline because the USD has not stopped its rise. Specifically, the Dollar-Index - measuring the strength of the greenback compared to 6 major currencies, increased sharply by 0.42% to 104,075 points at 6:05 a.m. this morning.
The USD benefited from positive economic and employment information in the US in February, despite the US Federal Reserve (Fed) announcing that it would reduce operating interest rates this year.
The positive recovery of the US economy has helped investors escape capital from precious metals such as gold - an asset that ensures capital safety - to invest in profitable assets such as stocks and bonds.
On March 21, the Dow Jones industrial index set a new peak, increasing nearly 0.7% to 39,781.37 points, the S&P 500 index increased 0.3% to 5,241.53 points, and the Nasdaq technology index Composite increased 0.2% to 16,401.84 points.
Investors turned to investing in risky assets such as stocks, which shows that the market is somewhat reassured when the US economy remains strong despite interest rates remaining at a 20-year high and the Fed expected to cut reduce interest rates this year.
Comment:
![🖥 GOLD MARKET ANALYSIS AND COMMENTARY - [March 25 - March 29]](https://s3.tradingview.com/c/C0oJCSAT_big.png)
Comment:
World gold prices had a good week of increases due to predictions that they will continue to rise. The US Federal Reserve plans to reduce interest rates, which is expected to start happening from next June.
Comment:
Gold: Retail trader data shows 50.43% of traders are net-long with the ratio of traders long to short at 1.02 to 1. In fact, traders have remained net-long since Mar 01 when Gold traded near 2,082.75, price has moved 4.24% higher since then. The number of traders net-long is 11.14% higher than yesterday and 7.51% higher from last week, while the number of traders net-short is 6.18% higher than yesterday and 16.42% lower from last week.
Comment:
After completing a bullish pennant pattern last week, the daily gold chart is now looking to build another bullish set-up. The current sideways price action may turn into a bullish flag pattern, and this would likely see gold pushback above $2,200/oz. and test the ATH at just under $2,225/oz. Reasonable first-line support seen a fraction under $2,150/oz.
Comment:
🌸Kremlin: The investigation into the shooting continues and the head of the investigation has reported to President Vladimir Putin.
🌸Spot gold increased 1.00% on the day, up nearly 10 USD in the short term and is currently trading at 2,193.61 USD/ounce.
🌸Negotiations on a ceasefire in Gaza and the release of hostages continued, with Mossad officials remaining in Doha.
🌸A Mossad team is returning to Israel from Doha to discuss the progress of the negotiations.
Gold is crazy today 🥹🥹🥹
🌸Spot gold increased 1.00% on the day, up nearly 10 USD in the short term and is currently trading at 2,193.61 USD/ounce.
🌸Negotiations on a ceasefire in Gaza and the release of hostages continued, with Mossad officials remaining in Doha.
🌸A Mossad team is returning to Israel from Doha to discuss the progress of the negotiations.
Gold is crazy today 🥹🥹🥹
Comment:
Gold prices attempted to close above $2195, the all-time high printed earlier this year before the latest milestone around $2222. This appears as a test for bullish momentum with a failure to close above suggesting that bullish momentum may require another catalyst to advance the bullish move.
$2146 appears as the relevant level of support if bears are to regain control this week. To reiterate, Friday may cause elevated volatility should we see a surprise in the data – due to lower liquidity.
$2146 appears as the relevant level of support if bears are to regain control this week. To reiterate, Friday may cause elevated volatility should we see a surprise in the data – due to lower liquidity.
Comment:
After falling below $2,190 under pressure from a rebound in the USD as Fed official Waller said the Fed was in no hurry to cut interest rates and could maintain current interest rates longer than expected, gold is now rebounding to above. $2,195. USD decreased slightly. DXY fell to 104.34
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Related Ideas
Gold prices on the international market continue to decline because the USD has not stopped its rise. Specifically, the Dollar-Index - measuring the strength of the greenback compared to 6 major currencies, increased sharply by 0.42% to 104,075 points at 6:05 a.m. this morning.