🔖XAU/USD, H4🔖 15 March 2024
Gold prices extended losses and consolidated around after reaching record highs. Investors opted for profit-taking strategies while awaiting further catalysts before re-entering the market. Improved inflation data raised expectations for the Federal Reserve to delay rate cut policies, potentiallyn impacting non-yielding commodities like gold.
Gold prices are trading lower following the prior retracement from the resistance level. Suggesting the commodity might enter overbought territory.
Resistance level: 2175.00, 2265.00📉
Support level: 2100.00, 2050.00📈
Gold prices extended losses and consolidated around after reaching record highs. Investors opted for profit-taking strategies while awaiting further catalysts before re-entering the market. Improved inflation data raised expectations for the Federal Reserve to delay rate cut policies, potentiallyn impacting non-yielding commodities like gold.
Gold prices are trading lower following the prior retracement from the resistance level. Suggesting the commodity might enter overbought territory.
Resistance level: 2175.00, 2265.00📉
Support level: 2100.00, 2050.00📈