Here is the update on XAUUSD today, March 28, 2024. Gold prices (XAU/USD) are still struggling to break through $2,200 during the Asian session on Thursday due to hawkish statements from Federal Reserve Governor Christopher Waller. Waller tempered hopes for a rate cut, pushing the US Dollar (USD) close to a monthly peak. Strong US economic data indicate that the Fed may maintain higher interest rates, awaiting the release of the US Personal Consumption Expenditures (PCE) Index on Friday, which could influence market expectations.

Market Movers Summary: Gold prices are struggling to attract buyers due to mixed fundamental signals.

  • Federal Reserve (Fed) Governor Christopher Waller refrained from lowering interest rates despite rising inflation, which has led to a stronger US Dollar and limited gains in gold prices.
  • Waller stated that if inflation continues to decline, the Fed might cut interest rates by the end of this year, supporting gold prices.
  • The Fed is projecting three rate cuts by the end of this year, with the market anticipating the first move at the FOMC meeting in June.
  • Geopolitical risks from the Russia-Ukraine conflict and the Middle East could prevent significant declines in gold prices, as it remains a safe-haven asset.
  • Traders are looking forward to US economic data on Thursday, including fourth-quarter GDP, Initial Jobless Claims, Pending Home Sales, and the revised Michigan Consumer Sentiment Index.
Technical Analysis of XAUUSD Today, March 28, 2024: Gold prices need to hold above $2,200 to maintain a bullish trend.
From a technical standpoint, price action over the past two weeks has shown bullish consolidation following an initial rally at the beginning of the month. Buying above $2,200 will reinforce the positive trend, while a decline could find support around $2,173, with the risk of technical selling below $2,146.

Warning!

That concludes the news regarding “XAUUSD Today: March 28, 2024 - Bullish Challenge, Gold Must Stay Above $2,200.” Today's XAUUSD analysis is based on insights from fundamental and technical perspectives from reliable sources and is not intended as advice or a solicitation. Always remember that this content aims to enrich readers' information. Always conduct your own research beforehand regarding other forex information to serve as a reference for your trading.

Get the latest news and articles from GIC Indonesia by checking Google News daily for the latest updates on the forex and crypto world. Trade on GICTrade using an ECN account to enjoy trading with low spreads starting from zero!