Gold Prices Soar to Record Highs Amid Central Bank Demand and Dollar Weakness
Gold prices hit a fresh all-time high on board-based US dollar selling. Read Till End
Rate Pause Sentiments Climb
According to the CME Fed Watch tool, the chances of a rate pause in Mar 19th 2025 meeting have increased to 83.50% up from 77.20% a week ago.
Technical Analysis: Key Levels and
Gold prices are holding above the short-term moving averages 34 EMA and 55 EMA and long-term moving averages (200 EMA) in the 4-hour chart. Immediate support is at $2845 and a break below this level will drag the yellow metal to $2820/$2800/$2770/$2740. The near-term resistance is at $2880, with potential price targets at $2920/$2950.
Trading Strategy
Sell on dips around $2880 with a stop-loss at $2900 for a target price of $2830.
Buy on dips around $2828-30 with a stop-loss at $2790 for a target price of $2900.
