GOLD - Gold retests higher as Fed hikes 0.25% and hints at imminent pause

The Fed raised interest rates by 0.25% and signaled an imminent pause in rate hikes, and gold prices rose again

Gold prices rose on Wednesday after the Federal Reserve raised interest rates by 25 basis points but signaled an imminent pause on further increases in borrowing costs amid recent financial market turmoil. However, at the press conference, Fed Chairman Jerome Powell said the Fed does not expect to cut interest rates in 2023. The price of gold rose to the level of 1978 from below 1950 US dollars announced by the results of the interest rate meeting.

It can be seen from the technical chart that the 10-day moving average has clearly broken above the 25-day moving average, which is a positive signal for the middle line, and the price of gold just stopped the pace of taking back below the 0.382 take-back range of 1932 US dollars on Wednesday, and then jumped again. Rising, after forming a preliminary technical draw, it is expected to be more powerful to attack the $2,000 mark; then extend the resistance to 2020 and $2,050, and the next key reference is to the 2020 high of US$2,072. As for the closer support, we will continue to pay attention to $1932, and the larger support is estimated to be $1920 and $1885.

SPDR Gold Trust Gold Holdings:
March 13 – 913.27 tons
March 14 – 913.27 tons
March 15 – 914.72 tons
March 16 – 914.72 tons
March 17 – 921.80 tons
March 20 – 924.55 tons
March 21 – 923.11 tons
March 22 – 923.11 tons

Fixing price on the morning of March 22: 1941.85
Afternoon fixing price on March 22: 1949.35

London Gold March 23
Forecasting early swings: 1962 – 1978
Resistance Levels: 1992 – 1999 – 2008
Support bits: 1955 – 1946 – 1932

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