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Gold Price Forecast: XAU/USD reaches to all-time highs near $2,230, US PCE eyed

  • Gold price appreciates on market bias towards rate cuts possibility by major central banks in 2024.
  • Investors expect three rate cuts from the US Federal Reserve (Fed) in the coming months.
  • Investors await the US PCE report to gain additional insight into the Fed’s interest rates trajectory.

Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday. The glitters of Gold are attracting buyers as market sentiment leans toward major central banks initiating an interest rate-cut cycle this year.

Investors are gaining confidence in Gold as they anticipate three rate cuts from the US Federal Reserve (Fed) in the coming months. Chicago Fed President Austan Goolsbee, leaning towards a dovish stance, expects three cuts but emphasizes the need for more evidence of inflation subsiding before implementing any action.

European Central Bank (ECB) policymaker Francois Villeroy suggested that achieving the ECB's inflation goal of 2% is feasible, but he cautioned against escalating downside risks if the ECB opts against rate cuts. ECB executive board member Fabio Panetta remarked on Thursday that "the conditions to begin easing monetary policy are emerging."

In Europe, the Swiss National Bank unexpectedly cut rates at its March meeting, sparking speculation that other major central banks might take similar actions. Meanwhile, although the Bank of Japan ceased its negative rate policy, it is anticipated to maintain an accommodative stance for the foreseeable future.

The United Nations Security Council passed a resolution urging a ceasefire between Israel and Hamas, along with the release of hostages. However, the conflict in the Gaza Strip continues unabated, with Palestinian militants yet to release any captives. The Palestinian Red Crescent reported that Israeli forces besieged two additional Gaza hospitals on Sunday, trapping medical personnel amidst intense gunfire. The escalation of geopolitical tensions has heightened demand for safe-haven assets like Gold.

XAU/USD

Overview
Today last price2234.24
Today Daily Change0.00
Today Daily Change %0.00
Today daily open2234.24
 
Trends
Daily SMA202163.93
Daily SMA502080.93
Daily SMA1002051.64
Daily SMA2001989.35
 
Levels
Previous Daily High2236.27
Previous Daily Low2187.44
Previous Weekly High2223.22
Previous Weekly Low2146.16
Previous Monthly High2065.49
Previous Monthly Low1984.26
Daily Fibonacci 38.2%2217.62
Daily Fibonacci 61.8%2206.09
Daily Pivot Point S12202.36
Daily Pivot Point S22170.49
Daily Pivot Point S32153.53
Daily Pivot Point R12251.19
Daily Pivot Point R22268.15
Daily Pivot Point R32300.02

Author

Akhtar Faruqui

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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