Gold's price hike hits a new record, fueled by significant buying interest and geopolitical tensions, as attention shifts to the upcoming Federal Reserve (Fed) policy meeting minutes and US inflation data.
On April 9th, spot gold slightly rose by 0.1% to $2,341.85/oz, reaching a peak of $2,365.09/oz, while futures gold increased by 0.4% to $2,360.70/oz.
"Technical buying momentum in the gold market is expected to persist unless the CPI data is significantly higher than anticipated. A cooling inflation report could push gold prices toward $2,400/oz."
The Fed's policy meeting minutes and the US CPI data are slated for release on April 10th.
Gold, often seen as a hedge against inflation and geopolitical unrest, may lose appeal with higher interest rates.
Gold maintains its upward trend, eyeing the CPI announcement on the evening of April 10th, with a strategy to BUY GOLD around the 2353/2355 and 2338/2340 zones.
Trade plan: BUY at 2353/2355, SL at 2350, TP at 2365/2375.
On April 9th, spot gold slightly rose by 0.1% to $2,341.85/oz, reaching a peak of $2,365.09/oz, while futures gold increased by 0.4% to $2,360.70/oz.
"Technical buying momentum in the gold market is expected to persist unless the CPI data is significantly higher than anticipated. A cooling inflation report could push gold prices toward $2,400/oz."
The Fed's policy meeting minutes and the US CPI data are slated for release on April 10th.
Gold, often seen as a hedge against inflation and geopolitical unrest, may lose appeal with higher interest rates.
Gold maintains its upward trend, eyeing the CPI announcement on the evening of April 10th, with a strategy to BUY GOLD around the 2353/2355 and 2338/2340 zones.
Trade plan: BUY at 2353/2355, SL at 2350, TP at 2365/2375.
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