The price of gold has recorded the highest price level when Fed Chairman Jerome Powell stated that "the implementation of interest rate cuts for the year 2024 will still be implemented".
The American dollar is seen to have experienced pressure following Powell's "dovish" speech.
From a technical point of view, the price of gold is currently in an "overbought" status.
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However, it should be noted that the geopolitical pressure of the Middle East and Russia-Ukraine is intensifying, this scenario is seen to still be able to provide room for high demand on the world commodity market.
Tonight's data focus "Jobless Claims" will provide new clues to market players regarding the June 2024 interest rate cut implementation plan.
Technical Analysis
If the gold market closes (Daily Chart) above the $2,300 level, gold is seen to be able to continue to rise up to the $2,350 level.
However, if otherwise, a "correction" will occur up to the level of $2,280 and market players are expected to reassess the demand for gold and the price level of $2,250 is seen to be the focus of buyers.
If that level is successfully breached, $2,200 will be a barrier.
