🔖XAU/USD, H4🔖 22 March 2024
Gold prices dipped from record highs as the US Dollar and US Treasury yields rebounded sharply on the back of positive economic data releases and the Federal Reserve's optimistic forecast. Despite the Federal Reserve's upward revisions for the Gross Domestic Product (GDP) and the Core Personal Consumption Expenditure Price Index (PCE) for 2024, which supported the US Dollar, gold's decline was tempered by ongoing geopolitical tensions and safe-haven demand.
Gold prices are trading lower following the prior retracement from the resistance level. Suggesting the commodity might extend.
Resistance level: 2185.00, 2240.00📉
Support level: 2150.00, 2117.00📈
Gold prices dipped from record highs as the US Dollar and US Treasury yields rebounded sharply on the back of positive economic data releases and the Federal Reserve's optimistic forecast. Despite the Federal Reserve's upward revisions for the Gross Domestic Product (GDP) and the Core Personal Consumption Expenditure Price Index (PCE) for 2024, which supported the US Dollar, gold's decline was tempered by ongoing geopolitical tensions and safe-haven demand.
Gold prices are trading lower following the prior retracement from the resistance level. Suggesting the commodity might extend.
Resistance level: 2185.00, 2240.00📉
Support level: 2150.00, 2117.00📈