MAGI METALS PVT LTD, COCHIN

THE DAILY NEWS LETTER 14TH MARCH, 2024

Gold’s uptrend remains intact as buyers target $2,200,

ahead of US Retail Sales
Gold prices recovered on Wednesday after a pullback to the $2,150.00 region, and traders seem convinced that
the US Fed could cut borrowing costs. Nevertheless, the latest hotter-than-expected inflation report in the United
States might deter Fed officials from easing policy in June.

TECHNICAL OVERVIEW
The daily chart for XAU/USD shows it may surpass the recent record high of $2,195.22 in the upcoming sessions. Technical
indicators resume their advances after correcting extreme overbought conditions, while the pair held above the 23.6%
retracement of its latest daily run at $2,145.17. Finally, the bright metal develops above all its moving averages, with the 20
Simple Moving Average (SMA) heading sharply higher above the longer ones and roughly $100 below the current level.

Technical readings in the 4-hour chart also support the bullish case. The bright metal is hovering around a flat 20 SMA, still
unable to clear the indicator. Also, the 100 and 200 SMAs maintain their upward strength far below the current level, while
technical indicators aim north with uneven strength.

Support levels: $2,166.10 $2,145.10 $2,134.70

Resistance levels: $2,172.00 $2,189.00 $2,195.30

INTRADAY LEVEL OF GOLD PROBABLE HIGH PROBABLE LOW

R4 66697.3 BULL 66346.0 65263.0
R3 66394.1 UP BREAKOUT 66075.0 65534.0
R2 66284 STOP LEVEL LEVEL FOR LONG LEVEL FOR SHORT
R1 66211.5 SELL 66085.0 65577.0
PIVOT 65774.3 5 DAY HIGH 66356.0
S1 65583.3 BUY 5 DAY LOW 65180.0
S2 65511.1 STOP AVG VOLUME 5467
S3 65401.3 DOWN BREAK OUT LAST DAY Strong Bull
S4 65099.3 BEAR HIGH 66030.0
TRADING
BUY LOW 65450.0
POSTION
Disclaimer : Its an overview on the basis of positions in various exchanges and consumer sentiment, during trade
a cautious approach is needed and consult with your Bullion Desk Team