This morning, gold prices dipped below the $2170 mark, reflecting recent market movements.
In Asian trading, gold exhibited minimal movement, largely influenced by robust inflation data that raised concerns about the Federal Reserve’s stance on interest rates. The fear among investors is that the Fed might indicate a prolonged period of elevated interest rates, impacting the demand for non-interest-bearing assets like gold.
The primary catalyst for the downward pressure on gold was the anticipation surrounding the upcoming Federal Reserve meeting. Market participants are closely monitoring the Fed’s decisions, especially given the persistent strength in both consumer and producer inflation data over the past few months.
For investors, these developments present an opportunity to observe how gold prices respond to shifts in inflation expectations and interest rate sentiments. By staying informed about central bank policies and economic indicators, investors can strategically position themselves to potentially capitalize on market movements.
Technical analysis
Time Frame: 1 hour
GOLD Support & Resistance Table – 15/03/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 2187.08 | Daily R2 |
| Resistance 1 | 2178.88 | Daily R1 |
| Support 1 | 2157.00 | Daily S1 |
| Support 2 | 2149.80 | Daily S2 |
GOLD Indicator Table – 15/03/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
GOLD Indicator / Period Table – 15/03/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GOLD 15/03/2024 – Reference Price : 2169.62
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (3)Sell (0) |
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