20/3 gold market analysis, waiting for news release
Gold fluctuated within a narrow range on Wednesday and is currently trading around $2,154. Gold prices fell slightly on Tuesday, with spot gold closing down 0.13% at $2,157.40. The intraday low hit $2,147.03, as U.S. single-family housing starts rebounded sharply in February, hitting the highest level in nearly two years, and the dollar strengthened. Markets are focused on signals from the Federal Reserve on its interest rate stance at the end of its two-day policy meeting.
Gold prices hit a record high of $2,195 on March 8, but fell nearly 1% last week after higher-than-expected U.S. consumer and producer price inflation in February reduced hopes for an early interest rate cut by the Federal Reserve. Because inflation may remain high and difficult to reduce. While the Fed is widely expected to keep interest rates unchanged on Wednesday, markets are awaiting comments from Fed Chairman Jerome Powell after the meeting to learn the Fed's latest interest rate expectations.
Non-yielding metals remained subdued as traders awaited a decision from the Federal Reserve. In addition to issuing a monetary policy statement, policymakers are expected to update their forecasts for the U.S. economy. Growing concerns that the Federal Reserve will lower the federal funds rate (FFR) are making traders nervous. While the Fed is widely expected to keep interest rates steady on Wednesday, markets are awaiting subsequent comments from Fed Chairman Jerome Powell on his latest interest rate outlook. Today's U.S. interest rate decision will break gold's multi-day shock range.
Gold technical analysis
Daily resistance is 2177, support below is 2124
Four-hour resistance is 2168, support below is 2158-2124
So, don’t be impulsive today, many people’s accounts will be completely burned
Gold prices hit a record high of $2,195 on March 8, but fell nearly 1% last week after higher-than-expected U.S. consumer and producer price inflation in February reduced hopes for an early interest rate cut by the Federal Reserve. Because inflation may remain high and difficult to reduce. While the Fed is widely expected to keep interest rates unchanged on Wednesday, markets are awaiting comments from Fed Chairman Jerome Powell after the meeting to learn the Fed's latest interest rate expectations.
Non-yielding metals remained subdued as traders awaited a decision from the Federal Reserve. In addition to issuing a monetary policy statement, policymakers are expected to update their forecasts for the U.S. economy. Growing concerns that the Federal Reserve will lower the federal funds rate (FFR) are making traders nervous. While the Fed is widely expected to keep interest rates steady on Wednesday, markets are awaiting subsequent comments from Fed Chairman Jerome Powell on his latest interest rate outlook. Today's U.S. interest rate decision will break gold's multi-day shock range.
Gold technical analysis
Daily resistance is 2177, support below is 2124
Four-hour resistance is 2168, support below is 2158-2124
So, don’t be impulsive today, many people’s accounts will be completely burned
تم فتح الصفقة:
The market is very slow today, and there is also the Federal Reserve interest rate decision. The risk is too great! Fortunately it was already profitable before then.
تم فتح الصفقة:
Last trade before news release.
تم فتح الصفقة:
Before the news, let me answer a question for everyone, that is, if the United States does not cut interest rates, will it be bad for gold? ————My answer is bad for gold.
However, this non-cutting of interest rates is within the scope of market expectations. The real negative is that Powell may continue to manage the expectations of interest rate cuts, but as long as the "management" is not "dispelled", the "rate cut expectations" will always exist. Powell will tell you : I won’t cut interest rates this time, but it will still appear that there will be interest rate cuts later. But as long as it doesn’t say: There will be no interest rate cuts, this expectation will always dominate the market——So, as long as the expectations are not dispelled, this negative impact will be short-lived. , and will make a comeback soon. Gold will fall but not for long.
However, this non-cutting of interest rates is within the scope of market expectations. The real negative is that Powell may continue to manage the expectations of interest rate cuts, but as long as the "management" is not "dispelled", the "rate cut expectations" will always exist. Powell will tell you : I won’t cut interest rates this time, but it will still appear that there will be interest rate cuts later. But as long as it doesn’t say: There will be no interest rate cuts, this expectation will always dominate the market——So, as long as the expectations are not dispelled, this negative impact will be short-lived. , and will make a comeback soon. Gold will fall but not for long.
تم فتح الصفقة:
The interest rate decision is settled! Powell once again uncharacteristically hinted at three interest rate cuts this year, and gold bulls reveled!
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