Weekly Analysis 24 Mar, 2024
Last week, gold experienced a significant surge following the FOMC meeting, only to face a sharp $65 drop the very next day. Despite this downturn, the price remains above the crucial 2150 level. Should this level break, it would be wise to await a retest before considering a target of 2100. Notably, on the daily chart, Gold has resistance at 2187 level on the daily chart.
Regarding the FED reaction following the Non-Farm Payrolls (NFP), Consumer Price Index (CPI), Producer Price Index (PPI), and call for seven rate cuts, it's notable that despite these factors, the FED is only suggesting the possibility of three rate cuts and some FOMC members suggesting only two.
Last week, gold experienced a significant surge following the FOMC meeting, only to face a sharp $65 drop the very next day. Despite this downturn, the price remains above the crucial 2150 level. Should this level break, it would be wise to await a retest before considering a target of 2100. Notably, on the daily chart, Gold has resistance at 2187 level on the daily chart.
Regarding the FED reaction following the Non-Farm Payrolls (NFP), Consumer Price Index (CPI), Producer Price Index (PPI), and call for seven rate cuts, it's notable that despite these factors, the FED is only suggesting the possibility of three rate cuts and some FOMC members suggesting only two.