Gold (XAUUSD) could make a deeper correction before getting a new all time high again? – Forecasts – 16 March 2024

Gold is making a new all time high but the US economy proofed to be resilient with the latest CPI & Inflation data still not going down.

My take on this is the FED could delay the rate cuts into late Q3 & Q4 based on the data in March. Fed would keep rates on 5,5% on this 20th march meeting and gold prize will go down in the short to medium term.

The range of 2024 will be between $1830 – 2300 per oz. This could present opportunity to sell before trying to find a long position towards the end of 2024. Remember that the US election will also determined the value of gold.

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