Just after the Fed announcement of not raising the interest rates in 2024 with promises of cutting 3 times rates, gold prices surged.

Since the Fed has stated officially that its current interest rate of 5.5% is the top, this means no further hike for the moment.  It is planned to be lowered to 4.6% . The Central Bank will cut the key rate by at least 50 basis points a minimum of 3 times in 2024. Powell, forecasted reduced inflation in 2023. However, he also stated that it was too early to affirm the victory in the fight against inflation.

The Fed’s rate cut announcement earlier now becomes more widely speculated due to its dovish tone. Traders who follow Fed fund futures prices have factored in an anticipated decrease of 25 basis points in March of 2024, which amounts to more than 70%.
 

however, gold-price explosively shot up in 1973, the low year in history 37 reaching 2035. Only a day, on the 28th of February, it turned from a bad value of $62 almost 62$ to a good value till Shen pointed out that the actions caused dollar losses that were almost paced at a four-month low combined with a lot of speculation about the timelines of the Fed's anticipated slowdowns.
 

Looking from a technical Analysis point of view now:

1. We have the ADX showing a trending market under the effect of a positive crossover between DI+ and DI-.
2. The moving averages are showing buy signals all over from the 5 EMA up to the 200 EMA, with a golden crossover.
3. RSI, MACD and ROC showing buy signals. 

Support and Resistance levels :

Support:

• 1990.97
• 1955.53
• 1937.96

Resistance:

• 2043.97
• 2061.53
• 2096.97
  
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  *All data provided is intended for educational or informational purposes only and should not be considered investment advice.