The United States (US) inflation data report yesterday pushed the price of gold to a new low while making it the lowest price for this year since January 2024.
Following the data report yesterday, market sentiment now sees the implementation of interest rates by the Federal Reserve (Fed) expected to be implemented around the middle of this year, at the May 2024 FOMC meeting.
Several Fed committee members are expected to speak throughout the week. Therefore any "Hawkish" speech is seen to be able to continue to push the price of gold much lower.
Technical Analysis
Based on the daily chart, the price of gold has been trading closed around the $1,993 level. Therefore any price increase will be seen as a "correction" before gold continues to trade low.
The price of gold can be traded lower around the level of $1,973-$1,966 and finally at the price level of $1,950.
However, if the price of $1,993 is successfully maintained (Daily Chart), gold is expected to trade high up to the level of $2,000-$2,024.
