XAUUSD

Markets Will Be Closed Today Due to Good Friday In general, the ounce gold price has extended its recent gains on the expectation that inflation will decrease. Even the tightening comments do not seem to affect the precious metal. Just on Wednesday, Fed Chairman Christopher Waller emphasized that the latest economic data will require interest rate cuts to be delayed or reduced in size. Therefore, the market seems to be underestimating the risk that US interest rate cuts will be later and less significant. The US Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred inflation indicator, will be released today when markets are closed. The rising gold price indicates that the market expects further declines in inflation and will support central banks' interest rate cut moves later this year. Safe haven demand also remains strong. We think that XAUUSD, which has left its $2200 target behind, will also reach its 2400 target. Support: 2185-2175 Resistance: 2200-2212