Product: XAU/USD
Prediction: Decrease Fundamental Analysis: Gold closed around $2338 last Friday, dropping by 2.3% for the week, marking the biggest single-day decrease since December last year. Data released on Friday in the US showed that the core PCE price index for March increased by 2.8%. It is higher than market expectations of 2.7%, and it is a key inflation indicator which remained strong. This is causing the price of XAU/USD to fall. Investors may expect higher volatility this week as it is expected that the Federal Reserve will suggest it is not ready to cut interest rates before the summer.
Technical Analysis: On the 1-hour chart, it seems like the price of gold is trading within an upward channel. Therefore, XAU/USD will aim to profit when the price falls to around the supporting point $2320 or even lower to $2305. On the other hand, gold will aim for the price to rebound towards resistance point $2350, or even higher to $2363.
Syera Sidin
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