Technically, rising April gold futures have a solid overall near-term technical advantage. A 5-week uptrend has been formed. According to senior market analyst Jim Wyckoff, gold's next upside price objective is to produce a close above solid resistance at the record high of $2,225.30. First resistance is seen at the $2,182.50 high and then at $2,188.00, solid technical support is at $2,149.20.
World gold prices hit a record high last week after US Federal Reserve (Fed) policymakers said they still expected to cut interest rates by three-quarters of a percentage point by the end of the year. 2024 despite recent high inflation readings.
In the short term, world gold prices are not changing much, but traders are waiting for some important US economic data to be announced on March 28, including unemployment subsidy applications. US weekly unemployment and core personal consumption expenditures (PCE) index data.
World gold prices hit a record high last week after US Federal Reserve (Fed) policymakers said they still expected to cut interest rates by three-quarters of a percentage point by the end of the year. 2024 despite recent high inflation readings.
In the short term, world gold prices are not changing much, but traders are waiting for some important US economic data to be announced on March 28, including unemployment subsidy applications. US weekly unemployment and core personal consumption expenditures (PCE) index data.
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