Gold prices retreated in Morning, remaining well within a recent trading range as anxiety over higher-for-longer U.S. rates grew in anticipation of key economic readings. Gold failed to make any major price headway in recent weeks as a string of Federal Reserve officials warned that the bank was in no hurry to cut interest rates. Signs of sticky U.S. inflation and resilience in the job market furthered this notion, with traders now steadily pricing out chances of rate cuts in May and June. Several Fed officials are set to speak later this week, and are expected to largely reiterate the bank’s outlook for higher-for-longer rates, amid concerns over high inflation.
Spot gold fell 0.2% to $2,032.32 an ounce, while gold futures expiring in March fell 0.4% to $2,041.85 an ounce by 23:52 ET (04:52 GMT).
CURRENTLY GOLD IS MOVING ON UP TREND.
Expecting correction up to 2028.10
Today’s important levels for trading are 2020.36, 2030.81, 2045.65 and 2056.10
Trading strategy for today: Buy On Dip
Trade setup:
Pullback Buy around 2028.50, Deeper Buy around 2024.50
Safe swing sell below 2023.50
Safe swing buy above 2043.50
Important Event : New Home Sales