Gold (Xau/USD) is a scrub signs on the likely long pressure with a focus on the main technical levels. After reaching the highest new level ever at $ 3,057 this week, the price decreased by approximately 0.50 % to trading about 3,043 dollars at the time of the press.
Despite some short -term sale pressure, it remains the broader view of gold bullish, with the support of macroeconomic uncertainty and increasing geopolitical tensions.
What drives the bullish issue of gold gold?
The last increase in gold was largely driven through the policy decision in the Federal Reserve, as the central bank maintained interest rates unchanged in the range of 4.25 % to 4.50 %.
Federal Reserve Chairman Jerome Powell acknowledged that although definitions may temporarily delay progress towards inflation to the target, the central bank still expects interest rates twice later this year. The Federal Reserve also called for high inflation and low economic growth.
Geopolitical tensions also increase the gravity of gold. Israeli air strikes are intensifying throughout Gaza, as the nation indicates a renewed attack. In Türkiye, the mass protests erupted after Istanbul mayor Ikrim Eamoglu was detained, which claims the stability of the region.
The investor’s appetite for gold was reflected in strong ETF flows. According to to World Gold Council, Gold -backed investment funds in physically attracted $ 9.4 billion of flows in February, which represents the highest monthly number since March 2022, where analysts expect the gold -backed ETF investment to see a wide range of fresh flows.
Technical analysis: Is long pressure?
Technically, the gold holds its bullish structure, but it shows signs of short -term weakness. according to analysis from Relinda, The metal re -testing the support of the veins, which increases the risk of a possible collapse and a long pressure before the next leg height.
If the level fails at $ 3,038, gold may slip towards the liquidity area between $ 3,028 and $ 3,024, as a new purchase benefit can appear. The local correction of the US dollar, before economic data, added temporary pressure on gold prices.
Resistance levels are currently seen at $ 3,046, 3,051 dollars, and $ 3,056, while subsidies are set at $ 3,038, $ 3.030 and $ 3,024.
The decisive bounce is likely to deny $ 3,038 and monotheism, which is more than 3,044 dollars at a deeper withdrawal, allowing minerals to resume their upward route without a large negative side. However, traders should remain alert for short -term volatility, as price procedures are likely to determine the next level.
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