Gold prices kept to a tight range in Asian trade on Thursday, with traders remaining on the sidelines in anticipation of key U.S. inflation data that is expected to factor into the path of interest rates. Gold was also pressured by overnight comments from Federal Reserve officials that the bank needed to do more work to bring down inflation. This followed a chorus of officials stating that the Fed was in no hurry to begin cutting interest rates early.
Spot gold steadied at $2,035.26 an ounce, while gold futures expiring in April were flat at $2,043.45 an ounce
CURRENTLY GOLD IS MOVING ON UP TREND.
Expecting correction up to 2031.50
Today’s important levels for trading are 2026.57, 2032.17, 2039.93 and 2045.53
Trading strategy for today: Buy On Dip
Trade setup:
Pullback Buy around 2031.50, Deeper Buy around 2027.50
Safe swing sell below 2023.50
Safe swing buy above 2043.50
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