Aim for Gold at $1,767-$1,770
local correction in the dollar allows the price of gold on Thursday, March 18, to recover to $1,747 per troy ounce. The dollar was in the volatility zone after the US Federal Reserve’s March meeting, where the regulator moved sharply in the positive direction of expectations for key macroeconomic parameters for the current year. For example, US GDP growth in 2021 is projected at 6.5%, well above previous expectations. At the same time, the interest rate is not expected to change before 2023, and this has led the dollar to a weak position.
For gold, any weakening of the US currency is an absolute plus, because now only such a driver is able to “pull out” the quotes, because the market does not need safe assets. The technical image paints the probability of moving to an important resistance area of $1767-1770 with a successful breakout level of $1757 per troy ounce.