Gold Price Forecast: XAU/USD Reaches To All-Time Highs Near $2,230, US PCE Eyed

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  • 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 price 2234.24
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 2234.24
TRENDS
Daily SMA20 2163.93
Daily SMA50 2080.93
Daily SMA100 2051.64
Daily SMA200 1989.35
LEVELS
Previous Daily High 2236.27
Previous Daily Low 2187.44
Previous Weekly High 2223.22
Previous Weekly Low 2146.16
Previous Monthly High 2065.49
Previous Monthly Low 1984.26
Daily Fibonacci 38.2% 2217.62
Daily Fibonacci 61.8% 2206.09
Daily Pivot Point S1 2202.36
Daily Pivot Point S2 2170.49
Daily Pivot Point S3 2153.53
Daily Pivot Point R1 2251.19
Daily Pivot Point R2 2268.15
Daily Pivot Point R3 2300.02

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Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

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