Gold Price Trends Upward Near $2,010 Amid Market Caution

Gold prices are on the rise as investors await the release of key US economic data, including the Producer Price Index (PPI) and the Michigan Consumer Sentiment Index. The precious metal’s ascent comes amidst a backdrop of risk aversion sentiment in the market.

Despite an overnight surge in Wall Street, driven by optimism over the Federal Reserve’s stance on interest rates, gold prices continue to climb. The softer-than-expected US Retail Sales data for January has weakened the US Dollar, providing support for gold.

While there is speculation about potential rate adjustments by the Fed in the coming months, with a 52% chance of a rate cut in June according to the CME FedWatch Tool, concerns over inflation persist. Federal Reserve Bank of Atlanta President Raphael W. Bostic emphasizes the importance of addressing inflation, even as he acknowledges potential challenges ahead.

Overall, gold remains in focus for investors seeking a hedge against market uncertainty, with ongoing economic data releases and central bank actions shaping its trajectory in the near term.

XAU/USD: TECHNICAL LEVELS TO WATCH

OVERVIEW
Today last price2007.22
Today Daily Change2.76
Today Daily Change %0.14
Today daily open2004.46
TRENDS
Daily SMA202024.34
Daily SMA502031.33
Daily SMA1001994.31
Daily SMA2001965.57
LEVELS
Previous Daily High2008.33
Previous Daily Low1990.32
Previous Weekly High2044.63
Previous Weekly Low2014.92
Previous Monthly High2079.01
Previous Monthly Low2001.9
Daily Fibonacci 38.2%2001.45
Daily Fibonacci 61.8%1997.2
Daily Pivot Point S11993.74
Daily Pivot Point S21983.03
Daily Pivot Point S31975.73
Daily Pivot Point R12011.75
Daily Pivot Point R22019.05
Daily Pivot Point R32029.76

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