GOLD had its first weekly decline in 4 weeks

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Gold prices stabilized on Friday (March 15) but recorded their first weekly decline in four weeks, as investors lowered expectations for US interest rate cuts after data this week showed pressure. price increases.

At the end of the trading session on March 15, the spot gold contract was almost flat at 2,159.99 USD/oz. This week, the gold contract lost 0.8%, recording the first weekly decline since mid-February 2024, after reaching a record high of 2,194.99 USD/oz last week.

Gold futures contracts retreated 0.3% to 2,161.5 USD/oz.

This week's data shows that CPI consumer prices in the US increased stronger than forecast in February and PPI producer prices also show that inflation is somewhat stable.

Gold is already pricing in any positive boost it can get from expectations that interest rates will fall… if inflation starts to rise again, that means policymakers will have to maintain Tighter monetary policy for longer periods of time.

Higher-than-expected inflation maintains pressure on the Fed to keep interest rates high, thereby putting pressure on gold. Non-yielding precious metals are also used as an inflation hedge.

The USD index saw its strongest weekly increase since mid-January 2024, making gold more expensive for foreign buyers.

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Ghi chú

Gold prices fell because investors lowered expectations that the US Federal Reserve (Fed) would cut interest rates after recent reports showed price pressure increasing stronger than expected. Data released this week showed that consumer prices in the US in February rose higher than expected and producer prices also showed that inflation is persistent.

Precious metals will still be under pressure to take profits when next week the US Federal Reserve (Fed) will hold its March meeting on March 19-20. There is a high possibility that the Fed cannot lower operating interest rates this year when inflation is persistent and difficult to reduce. Meanwhile, spending and consumption demand remains strong. This will cause the USD to be supported, while gold will fall further.

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Ghi chú

Last week, world gold prices were under pressure from US economic information published in February that was more positive than the previous month. Specifically, retail sales, industrial output, and initial unemployment claims were all more positive than last month and forecast.

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It is forecasted that gold will decrease next week after considering the newly released inflation data. Inflation is "hotter" than expected, making the possibility that the US Federal Reserve (Fed) will delay the policy pivot longer.

If gold cannot hold the level of 2,150 USD/ounce, the price may fall to 2,130 USD/ounce and even 2,110 USD/ounce.

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Ghi chú

Gold prices fell this week, but managed to hold above support at $2,150. Bulls must actively protect this technical zone to prevent an escalation of selling pressure; failure to do so may trigger a pullback towards $2,085. In case of further weakness, the spotlight will be on $2,065.

On the flip side, if buyers regain decisive control of the market and spark a bullish reversal from the metal’s current position, the first obstacle lies at the record peak established earlier this month at $2,195. Further upward movement will draw attention to trendline resistance near $2,205.

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Ghi chú

SELL XAUUSD PRICE 2166 - 2164⚡️
↠↠ Stoploss 2170

→Take Profit 1 2159
↨
→Take Profit 2 2154

BUY XAUUSD PRICE 2134 - 2136⚡️
↠↠ Stoploss 2130

→Take Profit 1 2141
↨
→Take Profit 2 2146

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Ghi chú

Gold has been under pressure this week due to the US dollars rebound, although the precious metal remains near a multi-decade high. Technical analysts will be closely watching a Bullish Pennant formation that is nearly complete. The next few days will see if this pattern plays out.

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Ghi chú

Gold prices stabilized on Monday after a weak performance last week. The prices rebounded from support at around $2,150 and could potentially face resistance at the trendline of $2,175. If this resistance is overcome, attention will shift to the all-time high of $2,195.

If bears regain control of the market, the first technical floor to watch for a pullback is $2,150. Bulls need to defend this zone to prevent further selling pressure. Failure to do so could lead to a drop towards $2,085, with potential losses shifting focus to $2,065.

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Ghi chú

SELL XAUUSD PRICE 2178 - 2176⚡️
↠↠ Stoploss 2182

→Take Profit 1 2171
↨
→Take Profit 2 2166

BUY XAUUSD PRICE 2134 - 2136⚡️
↠↠ Stoploss 2130

→Take Profit 1 2141
↨
→Take Profit 2 2146

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Ghi chú

As a result of this decision, the value of the dollar compared to the yen has increased and is approaching a previous high. This has also put pressure on the euro, making it less valuable compared to the dollar. So, in essence, the dollar has become stronger against these currencies.

Interestingly, the value of gold has not been affected by the stronger dollar and is still trading at a key level. As long as gold remains above this key level, it is expected to continue its positive trend.

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If the Federal Reserve signals a greater inclination to exercise patience before removing policy restraint and shows less willingness to deliver multiple rate cuts, we could see U.S. Treasury yields and the U.S. dollar charge upwards in the near term, extending their recent rebound. Meanwhile, stocks and gold, which have rallied strongly recently on the assumption that the central bank was on the cusp of pivoting to a looser stance, could be in for a rude awakening (bearish correction).

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Gold turned down to $2,157

After rising more than $10 to above $2,164, gold is now back down to $2,157.

Today's focus is on the Fed's monetary policy decision and Fed Chairman Powell's speech.

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Plan SELL + 50pips, close a part move SL to entry.🔥