XAUUSD H4 4 March 2024

XAU/USD, H4

Gold prices experienced a substantial surge, reaching their highest level since December. The
weakened dollar, influenced by the latest PCE reading aligning with market expectations and lower than the previous figure, contributed to the bullish momentum in gold. Investors closely monitored the ongoing ceasefire talks in Cairo, Egypt, amidst escalating tensions in the Middle East, adding an additional layer of complexity to the precious metal's movements.

Gold prices have broken above the uptrend channel and gained an early 2% in the last session,
suggesting that gold prices are trading with strong bullish momentum. Suggests the bullish momentum is strong.


Resistance level: 2088.00, 2118.00

Support level: 2068.80, 2049.90