{"id":77785,"date":"2024-03-04T11:18:43","date_gmt":"2024-03-04T09:18:43","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=77785"},"modified":"2024-03-04T11:57:48","modified_gmt":"2024-03-04T09:57:48","slug":"usd-slides-allowing-for-golds-price-to-rally","status":"publish","type":"post","link":"https:\/\/www.ironfx-cn.com\/en\/usd-slides-allowing-for-golds-price-to-rally\/","title":{"rendered":"USD slides allowing for gold\u2019s price to rally"},"content":{"rendered":"\n<p>The USD edged lower against its counterparts on Friday as the drop of the US ISM manufacturing PMI figure for February and the final UoM consumer sentiment for the same month came in lower than expected, thus weighing on the greenback. At the same time, market expectations for a possible rate cut by the Fed seem to have intensified also weighing on the greenback, yet we tend to see the market\u2019s expectations as a bit overdrawn to the dovish side for the time being. The weakening of the USD seems to have allowed gold\u2019s price to rally, yet note that the rise of gold\u2019s price seems to be asymmetrical to the weakening of the USD, while analysts tend to note a possible short covering of the market, which may have pushed gold\u2019s price higher.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Busy week ahead\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/iix4GsMRBu0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>On a technical level, we note that gold\u2019s price broke the 2055 (S1) resistance line, now turned to support and continued higher aiming for the 2090 (R1) resistance level. We tend to maintain our bullish outlook for now given also that the RSI indicator has reached and surpassed the reading of 70, which implies a strong bullish sentiment for the precious metal\u2019s price yet at the same time also implies that gold may have reached overbought levels and may be ripe for a correction lower. Similar signals stem from the fact that gold\u2019s price action has breached the upper Bollinger band, so a correction lower should not be taken by surprise gold traders. Should the bull\u2019s maintain control over the precious metal\u2019s price we may see it surpassing the 2090 (R1) threshold and take aim of gold\u2019s all-time high at 2135 (R2) resistance hurdle. On the flip side for a bearish outlook, we would require gold\u2019s price to drop break the 2055 (S1) support line clearly and take aim of the 2020 (S2) support barrier.&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>We note in today\u2019s European Session the release of Turkey\u2019s and Switzerland\u2019s CPI rates for February as well as Eurozone\u2019s Sentix index for March and on the monetary front in the American session Philadelphia Fed President Harker speaks. During tomorrow\u2019s Asian session, we note from Japan the release of Tokyo\u2019s CPI rates for February, Australia\u2019s current account balance for Q4, and China\u2019s Caixin services PMI figure for February, while we also highlight BoJ Governor Kazuo Ueda\u2019s planned speech.<\/p>\n\n\n\n<p>USD\/JPY maintained its sideways motion between the 150.85 (R1) resistance line and the 149.55 (S1) support level. We tend to maintain our bias for the sideways motion to continue and also note that the RSI indicator reached the reading of 50, implying a rather indecisive market. Should buyers take over the reins of the pair\u2019s direction, we may see the pair breaking the 150.85 (R1) resistance line and aim for the 151.90 (R2) resistance level. On the flip side should a selling interest be expressed by the market we may see the pair breaking the 149.55 (S1) support line and aim for the 147.75 (S2) support base.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-as-for-the-rest-of-the-week\"><strong>As for the rest of the week:<\/strong><\/h2>\n\n\n\n<p>On Tuesday we get the US Factory orders rate for January and the US ISM-Non manufacturing PMI figure for February. On Wednesday, we note Australia\u2019s GDP rate for Q4 and we highlight from Canada BoC\u2019s interest rate decision. On Thursday we make a start with China\u2019s trade balance figure for February, Germany\u2019s industrial orders rate for January, the UK\u2019s Halifax house prices rate for February, the US weekly initial jobless claims figure and Canada\u2019s trade balance figure for January, while on the monetary front, we get from the Eurozone, ECB\u2019s interest rate decision. On a busy Friday we begin with Japan\u2019s current account balance for January, Germany\u2019s industrial output rate and Sweden\u2019s GDP rate both for the month of January, followed by the Eurozone\u2019s final GDP rate for Q4 of 2023 and the highlight of the week which is the US Employment data for February and ending off the week is Canada\u2019s employment data also for February.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-xau-usd-daily-chart\"><strong>XAU\/USD Daily Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2024\/03\/image-12.png\" alt=\"support at two thousand and fifty five and resistance at two thousand and fifty, direction upwards   \" class=\"wp-image-77786\" title=\"xau-usd-four-hour-chart \"\/><\/figure>\n\n\n\n<p>Support: 2055 (S1), 2020 (S2), 1972 (S3)<\/p>\n\n\n\n<p>Resistance: 2090 (R1), 2135 (R2), 2190 (R3) <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-usd-jpy-h4-chart\"><strong>USD\/JPY H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2024\/03\/image-13.png\" alt=\"support at one hundred and forty nine point fifty five and resistance at one hundred and fifty point eighty five, direction sideways  \" class=\"wp-image-77790\" title=\"usd-jpy-four-hour-chart \"\/><\/figure>\n\n\n\n<p>Support: 149.55 (S1), 147.75 (S2), 145.90 (S3)<\/p>\n\n\n\n<p>Resistance: 150.85 (R1), 151.90 (R2), 154.00 (R3) <\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2002\" height=\"493\" src=\"\/wp-content\/uploads\/2024\/03\/image-14.png\" alt=\"\" class=\"wp-image-77793\" title=\"benchmark-04-03-2024\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"982\" height=\"566\" src=\"\/wp-content\/uploads\/2024\/03\/image-16.png\" alt=\"\" class=\"wp-image-77796\" title=\"table-04-03-2024\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1472\" height=\"1128\" src=\"\/wp-content\/uploads\/2024\/03\/image-15.png\" alt=\"\" class=\"wp-image-77794\" title=\"morning-releases-04-03-2024\"\/><\/figure>\n\n\n\n<p>If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:reseach_team@ironfx.com\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The USD edged lower against its counterparts on Friday as the drop of the US ISM manufacturing PMI figure for<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-77785","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>USD slides allowing for gold\u2019s price to rally<\/title>\n<meta name=\"description\" content=\"USD weakened on weak data, boosting rate cut expectations. 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