Gold slipped in in the morning, retreating further from record highs hit this week as a sharp uptick in the dollar, following a surprise interest rate cut by the Swiss National Bank, pressured metal markets. Gold had surged to record highs above $2,200 an ounce after the Federal Reserve maintained its outlook for at least three interest rate cuts in 2024. But the yellow metal spent little time at these highs, as the dollar rebounded sharply on dovish signals from other major central banks. The pressure on gold came chiefly from sharp gains in the dollar, with the dollar index hitting a three-week high above the 104 level. The greenback shot up as a surprise rate cut from the SNB, coupled with dovish signals from the Bank of England, left the greenback as the only major high-yielding, low risk currency.
Spot gold fell 0.4% to $2,173.62 an ounce, while gold futures expiring in April fell nearly 0.5% to $2,174.90 an ounce
CURRENTLY GOLD IS MOVING ON DOWN TREND.
Expecting correction up to 2180.80
Today’s important levels for trading are 2213.83, 2190.09, 2157.35 and 2133.69
Trading Strategy for today: Sell On Rise
Trade setup:
Pullback Sell around 2180.50 Higher Sell around 2191.50
Safe swing sell below 2167
Safe swing buy above 2193.50
Important Event :
🔴Fed Chair Powell Speaks