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GOLD Price Corrects After Reaching All-Time High: What's Next?

OANDA:XAUUSD   골드 스팟 / 미국 달러
Gold prices soared to unprecedented levels, peaking at $2,265, but now face a minor correction ahead of a data-packed week in the US.

After a robust bullish rally, gold may finally pause for a correction before potentially resuming its upward trajectory. Investors are eyeing a possible reversal to the 50% Fibonacci level as a key indicator to watch.

Market sentiment hinges on the upcoming US ISM Manufacturing PMI, which is expected to provide fresh insights into the trajectory of the US Dollar.

Federal Reserve Chair Jerome Powell acknowledged the dip in February's core Personal Consumption Expenditures (PCE) inflation data, indicating the Fed's vigilance in monitoring price pressures towards achieving the 2% target.

Heightened expectations for Fed rate cuts, following a two-year period of hikes, have subdued yields on interest-bearing assets like US bonds. However, this dynamic bolsters the investment appeal of gold. Although 10-year US Treasury yields saw a slight uptick in Monday's European session, they have since declined to 4.20%.

Amidst these developments, analysts are eyeing a potential reversal in the gold price trajectory, particularly after the release of the US ISM Manufacturing PMI. The 50% Fibonacci level is being closely monitored, with the lower $2150 level identified as a potential target in the coming days.

#gold #xauusd #xau #Trading #Forex #Goldsignals



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