XAU/USD, H4 6 March 2024
Gold prices have extended their upward trajectory, surging by over 4% throughout March. The
precious metal's ascent is largely attributed to the prevailing risk-off sentiment in the market,
intensifying ahead of the Federal Reserve Chair Jerome Powell's testimony scheduled for today and tomorrow. Additionally, the growing financial risk associated with a potential pullback in equity markets has further bolstered demand for gold as a safe-haven asset. Investors are closely monitoring Powell's remarks for insights into the Fed's stance amid heightened market uncertainty.
Gold prices have risen and are currently holding below its all-time high levels. Suggesting the bullish momentum remains strong for the gold.
Resistance level: 2140.00, 2155.00
Support level: 2117.90, 2088.20
Gold prices have extended their upward trajectory, surging by over 4% throughout March. The
precious metal's ascent is largely attributed to the prevailing risk-off sentiment in the market,
intensifying ahead of the Federal Reserve Chair Jerome Powell's testimony scheduled for today and tomorrow. Additionally, the growing financial risk associated with a potential pullback in equity markets has further bolstered demand for gold as a safe-haven asset. Investors are closely monitoring Powell's remarks for insights into the Fed's stance amid heightened market uncertainty.
Gold prices have risen and are currently holding below its all-time high levels. Suggesting the bullish momentum remains strong for the gold.
Resistance level: 2140.00, 2155.00
Support level: 2117.90, 2088.20