Gold prices are showing modest gains, hovering around $2,168 in the early Asian trading session on Monday. The increase comes amid speculation that the US Federal Reserve (Fed) may initiate rate cuts later this year, boosting investor interest in the precious metal. Traders are awaiting the release of US Gross Domestic Product (GDP) numbers for the fourth quarter, which is expected to hold steady at 3.2%, which could provide further direction for gold prices.

Last week, the Fed kept its benchmark interest rate unchanged for the fifth consecutive meeting, maintaining a range of 5.25% to 5.50%. Fed Chairman Jerome Powell indicated the possibility of three interest rate cuts in 2024, prompting increased demand for gold among investors. Market sentiment reflects a 72% probability of rate cuts starting in the June meeting, up from 65% before the rate decision, according to the CME FedWatch Tool.

Additionally, escalating geopolitical tensions in Ukraine drive safe-haven flows, benefiting gold prices. Recent missile attacks on power facilities, including an underground gas storage facility, have heightened concerns. Efforts to restore power supply are underway, particularly in Kharkiv, Ukraine’s second-largest city.

Gold traders will closely monitor the US GDP growth numbers for the fourth quarter. Stronger-than-expected data could support the Greenback and exert pressure on US Dollar-denominated gold. However, markets will be closed on Friday for Good Friday, potentially impacting trading dynamics.


Today last price2165.02
Today Daily Change-0.39
Today Daily Change %-0.02
Today daily open2165.41
Daily SMA202131.96
Daily SMA502067.54
Daily SMA1002042.38
Daily SMA2001984.11
Previous Daily High2186.16
Previous Daily Low2157.17
Previous Weekly High2223.22
Previous Weekly Low2146.16
Previous Monthly High2065.49
Previous Monthly Low1984.26
Daily Fibonacci 38.2%2168.24
Daily Fibonacci 61.8%2175.09
Daily Pivot Point S12153
Daily Pivot Point S22140.59
Daily Pivot Point S32124.01
Daily Pivot Point R12181.99
Daily Pivot Point R22198.57
Daily Pivot Point R32210.98

By Admin

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