Here is the update on XAUUSD news today, March 21, 2024. The price of gold (XAU/USD) has dropped from a new all-time high this Thursday, although it remains above $2,200 before the European session. The Federal Reserve (Fed) projects a rate cut of 75 basis points by the end of 2024, keeping the US Dollar (USD) low and supporting the rise in gold prices for the second consecutive day. However, US Treasury yields help limit the decline of the US Dollar.
 
A risk-on environment, such as the bullish movement in global equity markets, restricts the rise of gold as a safe haven, although the fundamental backdrop suggests potential price increases for gold. Traders are looking forward to the release of early PMI data for signals regarding the health of the global economy, which may drive gold prices.
 
Technical Analysis and XAUUSD Predictions for Today: Gold prices need consolidation before rising further, as the RSI is slightly overbought.
 
In technical analysis, the positive movement overnight confirmed a bullish flag chart pattern, affirming the positive outlook for gold prices. However, the RSI is back above 70, suggesting the need for consolidation or a pullback before positioning for further gains. Nevertheless, the strong upward trend remains potential, although it may take some time.
 
A drop below $2,200-2,190 may attract new buyers, with support around $2,160-2,158 and $2,146. A breakout below these levels could trigger technical selling, pulling gold prices toward support in the $2,128-2,127 zone and possibly dropping further to $2,100.
 
Warning!
 
This is the XAUUSD news today regarding “XAUUSD Today: March 21, 2024 - High Gold Selling Prices, Buyers Pull Back.” The analysis today is based on fundamental and technical perspectives from trusted sources and is not intended as advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct independent research on other forex information as a reference for your trading.
 
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