XAU/USD Gold Price Forecast: FOMC Meeting Minutes In Focus


Gold investors are seen to have taken advantage of the weakness of the American Dollar since yesterday following the sentiment of concern about the "U.S. Government Shutdown" which is expected to occur on March 8, 2024 if the "House Republicans" fail to present the spending budget allocations on March 1, 2024.

In addition, the minutes of the January 2024 FOMC meeting and several Fed committee members are scheduled to take place tonight.

Investors will be looking for an indication or confirmation of the timing of interest rate cuts by the Fed in 2024.

Technical Analysis

Based on the daily chart, the price of gold has been trading closed around the $2,023 level, giving an indication of the potential for the next increase in the price of gold.

The price level of $2,033 will be a barrier and if this price level can be penetrated $2,044-$2,050 will be reached.

But if otherwise, $2,023 becomes the main obstacle before gold falls looking for the price level of $2,015-$2,000.