Gold market overview

Gold prices hit their March high at $1247 in the European session posting gains for six consecutive days. A further upsurge is not ruled out. To determine whether there will be a retracement, we suggest you looking at gold fundamentals and XAU/USD technical chart.

Fundamentals:

The political uncertainties over European election and Brexit offer substantial support for the gold prices. The recent spike in the gold prices should be attributed to another factor. Lots of the gold’s gains came after the Fed raised its interest rate, but maintained a more subdued pace for future rate hikes. An expectation for a slower pace of rate increases will be the factor of the gold appreciation.

Another tailwind may well come from India, the world’s largest consumer of the yellow metal. Last year, Indian gold demand plummeted from 857,2 tonnes to 675.5 tonnes mainly because of the governmental regulation necessitating the removal of high denomination 500 and 1,000 rupee notes in November. This year the Indian demand is recovering: gold imports jumped to 50 tonnes in February which 82% more than India demanded in the same month last year.

Another gold consumer People’s Republic of China might increase its demand for gold. The main factor it the value of yuan. Chinese yuan depreciate with unpredictable pace, so the investors might be willing to switch to gold as a hedge.

Technical analysis:

The precious metal rallied to $1,247 overnight. The key resistance on its way is lying at $1,250 near the 78.6 Fibo level traced from this year high.  A breakout of this level will open the way towards next hurdles at 1,255.60, 1,260. An immediate support lies at $1,237.50 (61.8% Fibo level) and at $1221.40 (near 38.2% Fibo level coinciding with 50-day MA).  

Menyerupai

29.02.2024 03:35 XTIUSD Bertahan Di Sekitar Level 78,00 Menjelang Data Core PCE Price Index

Western Texas Intermediate (WTI) menguat dari penurunan kemarin dan saat ini diperdagangkan di sekitar level 78,15 pada hari Kamis (29/02/2024). XTIUSD mencoba pulih dan..Sementara OPEC+ yang mempertimbangkan

14.02.2024 11:53 XTIUSD Pertahankan Momentum Kenaikan Untuk Hari Ke Tujuh

Harga minyak mentah acuan AS West Texas Intermediate (WTI) masih dalam jalur melanjutkan kenaikan untuk hari ke tujuh secara beruntun, pada Rabu (14/02/2024). Menurut laporan pasar minyak bulanan OPEC, ada kekhawatiran mengenai kepatuhan kelompok ini terhadap pemangkasan produksi

30.01.2024 11:00 Ketegangan Geopolitik Meningkat, Minyak di Kisaran Tinggi

Pasar saham Asia melemah pada perdagangan Selasa (30/01/2024), terseret oleh kasus likuidasi perusahaan raksasa properti China..Kegelisahan investor terhadap meningkatnya ketegangan di Timur Tengah telah mengendalikan sentimen risiko.

Berita terbaru

02.04.2024 07:03 Yen Terus Terpuruk Mendekati Level Terendah Multi-Dekade

Yen Jepang gagal memikat para investor pada perdagangan Selasa (02/04/2024) meski ada peluang atas kemungkinan intervensi dan..Sentimen penghindaran risiko masih berpotensi memberikan kekuatan pada safe-haven

01.04.2024 08:22 Sanggupkan Emas Berlama-lama di Puncak?

XAUUSD naik ke rekor tertinggi baru pada perdagangan Senin (01/04/2024), di tengah meningkatnya spekulasi penurunan suku bunga..melanjutkan kenaikan kuat minggu lalu hingga membentuk level puncak baru sepanjang masa

01.04.2024 07:11 Sebagian Pasar Masih Libur, Yen Stabil di Bawah 152

Pasar saham Asia sebagian masih libur dan sebagian lagi menguat pada perdagangan Senin (01/04/2024), karena optimisme data pabrikan Tiongkok mendukung..potensi intervensi otoritas Jepang terhadap yen Jepang diperkirakan berada di zona 152 – 155 yen.