GOLD D1 Chart Update For Shorter Term TradingRead all levels mentioned in chart carefully as we have 2 directions
Right now GOLD standing at turning point
GOLD remains in BUY trend as long as stays above 2900-3000 Zone
Xxauusdsignal
China's Gold Rush Reshaping Global Markets Through Record DemandChina’s gold buying surge has driven prices to record highs above $2,400 per ounce. Amid global uncertainties like the Ukraine invasion and the Gaza conflict, Chinese investors have flocked to gold as traditional investments falter. This trend is supported by retail buyers like Xena Lin, who purchase affordable gold "beans," and institutional investors including the Chinese central bank, which has increased gold reserves for 17 consecutive months. China's influence, fueled by shifting economic confidence and reduced reliance on the US dollar, has transformed the gold market, driving nearly a 50% price increase since late 2022. Despite high interest rates and a strong US dollar, gold prices continue to rise, cementing China's dominance in the market.
Main Points:
* China's surging demand for gold is driving prices to new highs, fueled by individual investors and the central bank.
* This trend is driven by uncertainty in global markets and a desire to diversify away from traditional investments like real estate and stocks.
* China's central bank is strategically increasing its gold reserves, reducing reliance on the US dollar.
* This sustained demand from China is expected to continue shaping the gold market for the foreseeable future.
Supporting details :
* Retail investors like Xena Lin are buying gold in new forms like "gold beans."
* The central bank has increased its gold reserves for 17 consecutive months.
* This trend defies traditional factors that would typically suppress gold prices, like rising interest rates.
Selling strategy today, downtrendWorld gold prices increased with spot gold increasing by 7.5 USD to 2,170.8 USD/ounce. Gold futures last traded at 2,173 USD/ounce, up 13.2 USD compared to yesterday morning.
Prices for the yellow metal rose slightly in early trading as investors awaited key economic data and comments from US Federal Reserve (Fed) officials this week for further confirmation. loosening monetary policy of the US Central Bank.
The market is currently waiting for weekly initial jobless claims data to be released on March 28 and core personal consumption expenditure index (PCE) data expected to be released. the day after that. However, because the market will be closed this Friday as the US closes for the Good Friday holiday, PCE data will not have an impact on gold until early next week.
Research expert Kunal Shah of Nirmal Bang Commodities predicts that US inflation indicators will have a significant impact on the gold market. According to him, any PCE figure lower than expected will weaken the USD and push up gold prices and vice versa.
