Will gold break the 2198-2200 because of U.S GDP report?

Gold broke the 2179-2181 to go to 2193-2198 zone yesterday because the market was expected the Fed would cut rate early. However, some Fed officials have confirmed that the Fed will not cut rate soon.

Gold is trading around 2193-2195 to wait for today’s U.S GDP and Jobless reports at 12:30 GMT. Gold short term trend is up and it may go up to 2209-2211 before the release of U.S GDP report if gold breaks the 2198-2200.

The 2198-2200, 2209-2211 are strong resistant zones to watch for a false break-out which is a good gold sell signal.

The 2173-2175 and 2156-2163 are strong support zones in the last couple of days, breaking the 2156-2163 gold will make a strong correction.

Bellow is $1500 profit Gold Buy Signal 2163 after FOMC last week, Mar 20 2024.

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