Gold prices slipped slightly in the morning as anticipation of key signals on U.S. inflation and the Federal Reserve dissuaded big trades, while recent strength in the dollar also weighed. It slipped from record highs last week after dovish signals from major central banks saw traders rush en masse into the dollar, pushing the dollar index to a one-month high. While the greenback did see some profit-taking this week, it still remained relatively strong. It tread water in anticipation of PCE price index data- the Fed’s preferred inflation gauge- due this Friday. The reading is widely expected to factor into the Fed’s outlook on interest rates.
Gold is expected to face some resistance in the near-term, especially if sticky inflation figures point to potential delays in the Fed’s plan to cut interest rates this year. The central bank had last week signaled that it planned to trim rates by 75 basis points in 2024, although this remained contingent on inflation.
Today will be focus on CB Consumer Confidence.
Spot gold steadied at $2,171.90 an ounce, while gold futures expiring in April fell 0.2% to $2,172.45 an ounce
CURRENTLY GOLD IS MOVING ON UP TREND.
Expecting correction up to 2168.25
Today’s important levels for trading are 2163.002, 2172.12, 2180.74 and 2189.84
Trading Strategy for today: Buy On Dip
Trade setup:
Pullback Sell around 2168.50 Deeper Buy around 2163.50
Safe swing sell below 2161.50
Safe swing buy above 2183.50
Important Event :
🟠Core Durable Goods Orders m/m,
🟠Durable Goods Orders m/m,
🟠S&P/CS Composite-20 HPI y/y,
🔴CB Consumer Confidence
🟠Richmond Manufacturing Index