{"id":59745,"date":"2023-04-04T16:03:55","date_gmt":"2023-04-04T13:03:55","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=59745"},"modified":"2026-02-05T09:10:13","modified_gmt":"2026-02-05T07:10:13","slug":"gold-holds-steady","status":"publish","type":"post","link":"https:\/\/www.smartchinaeducation.com\/th\/gold-holds-steady\/","title":{"rendered":"Gold holds steady"},"content":{"rendered":"

The high volatility<\/strong> created by the mini-crisis<\/strong> in the banking sector<\/strong> appears to have diminished and gold\u2019s price<\/strong> has remained relatively unchanged<\/strong> from last week. Following gold\u2019s rapid ascent<\/strong> to the heavens<\/strong> after banking fears funnelled inflows into the precious<\/strong>, it now appears that the shiny metal<\/strong> is moving in a sideways motion<\/strong> as the markets<\/strong> await further information. In this report, we aim to shed light on the catalysts<\/strong> driving the precious metal\u2019s price, assess its future outlook and conclude with a technical analysis.<\/p>\n\n\n\n

Gold stays near one year highs<\/strong><\/h2>\n\n\n\n

The wide uncertainty in the global banking sector<\/strong> appears to have subsided, yet the precious<\/strong> held its ground between last week\u2019s opening and closing range<\/strong>, remaining relatively<\/strong> unchanged<\/strong>. The surprise decision by OPEC+<\/strong> on Sunday<\/strong>, to reduce their oil production<\/strong> by 1.16 million barrels<\/strong> per day, reignited<\/strong> fears<\/strong> of prolonged inflationary pressures<\/strong>. This serves as a problem for Fed<\/strong> officials as in the previous months, as relatively low oil prices<\/strong>, kept a lid<\/strong> on top of inflationary<\/strong> pressures<\/strong>. As a result, we may see the impact<\/strong> of the reduction<\/strong> in production<\/strong> cuts<\/strong> from OPEC+,<\/strong> translating<\/strong> into more support<\/strong> for the USD<\/strong> \u0e41\u0e25\u0e30 heightened<\/strong> probabilities<\/strong> for an acceleration<\/strong> of inflationary<\/strong> pressures<\/strong> thus it may lead<\/strong> to further rate hikes<\/strong> by the central bank<\/strong>. Therefore, the prospect of further<\/strong> hikes<\/strong> by the Fed<\/strong> could put pressure<\/strong> on the shiny<\/strong> metal<\/strong>, making it more expensive<\/strong> of overseas buyers<\/strong>, due to its denomination<\/strong> in USD<\/strong>. Furthermore, yesterday\u2019s US ISM manufacturing<\/strong> data indicated that, the manufacturing<\/strong> sector<\/strong> of the US<\/strong> has been slacking<\/strong> on multiple<\/strong> fronts<\/strong>, such as new<\/strong> orders<\/strong>, employment, prices<\/strong> and activity in general<\/strong>, echoing worries<\/strong> for a severe economic downturn<\/strong> in the US<\/strong>, which increases<\/strong> the probabilities<\/strong> of a recession<\/strong>. The bad round of manufacturing<\/strong> data<\/strong> negatively<\/strong> impacted the greenback<\/strong>, which came under significant<\/strong> pressure<\/strong> \u0e41\u0e25\u0e30 gold<\/strong> capitalized<\/strong> on that very weakness<\/strong>, pared<\/strong> losses<\/strong> and closed strongly<\/strong> in the greens<\/strong>. Also yesterday, St. Louis Fed President Bullard<\/strong> commented on the production cuts by OPEC+,<\/strong> explicitly<\/strong> stating<\/strong> that it makes \u201cthe Fed\u2019s job of lowering inflation more challenging\u201d<\/a>, \u0e41\u0e25\u0e30 signaled<\/strong> that more hikes<\/strong> may be needed<\/strong> to contain<\/strong> the potential<\/strong> increases<\/strong> in petrol prices<\/strong>, which could feed inflationary pressures further<\/strong>. Even though his tone appeared<\/strong> more hawkish<\/strong> than normal, his comments<\/strong> failed<\/strong> to contain<\/strong> the dollar\u2019s<\/strong> fall<\/strong> \u0e41\u0e25\u0e30 cap<\/strong> gold\u2019s<\/strong> ascent<\/strong>. Going beyond the recent<\/strong> turmoil<\/strong> induced by OPEC+<\/strong> decision to cut production<\/strong> and the hawkish remarks<\/strong> of Fed President Bullard<\/strong>, the market<\/strong> now increasingly<\/strong> shift<\/strong> its attention<\/strong> towards the main event<\/strong> of the week which is due on Friday<\/strong>. The Non-Farm Payrolls<\/strong> report is expected to be the next big test for the dollar<\/strong> and by extend<\/strong> serves as a catalyst<\/strong> into the future<\/strong> outlook<\/strong> of the precious<\/strong>. Should the NFP<\/strong> figure<\/strong> match expectations<\/strong> for a slowdown<\/strong> to 240k for the 311k jobs created in the prior month we may see the greenback<\/strong> coming under<\/strong> pressure<\/strong> \u0e41\u0e25\u0e30 gold<\/strong> receiving inflows<\/strong>, extending<\/strong> its ascent<\/strong> to higher<\/strong> ground.<\/p>\n\n\n\n

\u0e01\u0e32\u0e23\u0e27\u0e34\u0e40\u0e04\u0e23\u0e32\u0e30\u0e2b\u0e4c\u0e40\u0e17\u0e04\u0e19\u0e34\u0e04 (K\u0101r w\u1ecbkhr\u0101 h\u0304l t\u0113khn\u1ecbk)<\/strong><\/h2>\n\n\n\n

XAUUSD H4 Chart<\/em><\/strong><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n
    \n
  • Support: 1950 (S1), 1900 (S2), 1865 (S3)<\/li>\n\n\n\n
  • Resistance: 1985 (R1), 2005 (R2), 2050 (R3)<\/li>\n<\/ul>\n\n\n\n

    Sideways Channel Analysis and Outlook for Gold’s Price<\/strong><\/h2>\n\n\n\n

    Gold\u2019s price seems to be moving in a sideways channel since the 27th<\/sup> of March unable to break either above the 1985 (R1) resistance and 1950 (S1) support levels. We tend to maintain a neutral outlook as long as the price action remains between the channel formed between 1950 (S1) and 1985 (R1) levels with the RSI indicator remaining steady near 50. Should the price action breach definitively the resistance line of 1985 (R1) that may allow for gold\u2019s price to test resistance at the 2005 (R2) level marking a break above the upper Bollinger band range thus potentially moving even higher as it may be indicative of a bullish sentiment forming. For a bearish outlook, we would require price to make a clean break the bellow 1950 (S1) support line, aiming if not breaking also the 1900 (S2) key psychological support level.<\/p>\n\n\n\n

    Disclaimer:
    This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced or hyperlinked, in this communication.<\/em><\/p>\n\n\n\n

    <\/p>","protected":false},"excerpt":{"rendered":"

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