🔖XAU/USD, H4🔖 25 March 2024
Gold prices experienced a downturn as the robust US Dollar continued to dampen the appeal of
non-yielding assets such as gold. The resurgence of the Dollar, particularly following signals from
several major central banks, including the Swiss National Bank, hinting at potential rate cuts in 2024, weighed heavily on the precious metal market. Despite dovish sentiments expressed by some Fed members regarding rate cuts, the recent outperformance of the US economy could cloud the outlook for gold prices.
Gold prices are trading lower while currently testing the support level. Suggesting the commodity might experience
technical correction.
Resistance level: 2240.00, 2315.00📉
Support level: 2150.00, 2080.00📈
Gold prices experienced a downturn as the robust US Dollar continued to dampen the appeal of
non-yielding assets such as gold. The resurgence of the Dollar, particularly following signals from
several major central banks, including the Swiss National Bank, hinting at potential rate cuts in 2024, weighed heavily on the precious metal market. Despite dovish sentiments expressed by some Fed members regarding rate cuts, the recent outperformance of the US economy could cloud the outlook for gold prices.
Gold prices are trading lower while currently testing the support level. Suggesting the commodity might experience
technical correction.
Resistance level: 2240.00, 2315.00📉
Support level: 2150.00, 2080.00📈