🔖XAU/USD, H4🔖 20 March 2024
Better-than-expected inflation data from the US prompted expectations of a hawkish tone from the Federal Reserve during its interest rate decision. Consequently, US Treasury yields climbed alongside the dollar, triggering a selloff in non-yielding assets like gold. Despite this, gold may consolidate within a range ahead of key events, with investors advised to monitor closely for further trading signals, particularly from the Fed's monetary policy decisions.
Gold prices are trading lower while currently testing the support level. Suggesting the commodity might extend its losses after breakout.
Resistance level: 2150.00, 2235.00📉
Support level: 2080.00, 2035.00📈
Better-than-expected inflation data from the US prompted expectations of a hawkish tone from the Federal Reserve during its interest rate decision. Consequently, US Treasury yields climbed alongside the dollar, triggering a selloff in non-yielding assets like gold. Despite this, gold may consolidate within a range ahead of key events, with investors advised to monitor closely for further trading signals, particularly from the Fed's monetary policy decisions.
Gold prices are trading lower while currently testing the support level. Suggesting the commodity might extend its losses after breakout.
Resistance level: 2150.00, 2235.00📉
Support level: 2080.00, 2035.00📈