Gold prices hit record highs early in the morning, as the Gold benefited from weakness in the dollar amid uncertainty over U.S. interest rate cuts, while increased safe haven demand also aided prices. Persistent geopolitical tensions in the Middle East and between Russia and Ukraine, coupled with a devastating earthquake in Taiwan, spurred safe haven plays into bullion and other precious metals. Gold was further boosted by steep declines in the dollar, as Federal Reserve officials reiterated that the central bank was likely to cut interest rates in 2024, although they gave scant cues on the potential timing of the move. Bullion prices were supported by a drop in the dollar, as the dollar index sank nearly 1% after hitting a 4-½ month high earlier this week. Mixed cues on interest rates from the Fed were a key weight on the greenback. Fed Chair Jerome Powell said on Wednesday that while the central bank will still eventually cut interest rates in 2024, he offered few cues on the timing and scope of the potential cuts. This uncertainty boosted demand for gold, which hit record highs for a third straight session.
Spot gold rose to a record high of $2,302.58 an ounce, while gold futures expiring in June hit a record high of $2,322.25 an ounce.
CURRENTLY GOLD IS MOVING ON UP TREND.
Expecting correction up to 2292
Today’s important levels for trading are 2276.71, 2288.87, 2312.35 and 2324.51
Trading Strategy for today: Buy On Dip
Trade setup:
Pullback Buy around 2292.50 Deeper Buy around 2281.50
Safe swing sell below 2277.50
Safe swing buy above 2304.50
Important Event :
🔴 Unemployment Claims,
🟠 FOMC Member Barkin Speaks
🟠 FOMC Member Mester Speaks