Gold rises with the ingot in favor as a safe shelter

• Gold sees investors to go while reaching new historical maximums in 2,877 $ on Wednesday.
• The actions collapse in the middle of the reopening of Asia after the holidays of the Chinese New Year.
• Gold sees the recovery spread to a five -day streak of profits.

The price of gold (Xau/USD) is recovered for the fifth consecutive day on Wednesday, accumulating more than 2.5% earnings this week and reaching new historical maximums about $ 2,877 with investors accumulating the merchandise of precious metals. Weakest economic data in the United States (USA), which further support the case of another rate cut by the Federal Reserve (FED), together with the rapid fading of tariff fears, are raising gold to higher levels day by day.

In the front of economic data, the calendar could become an additional favorable wind so that gold extends even more. This Wednesday, the US purchasing managers index (PMI) for January for January will be published. A weaker PMI could be enough for gold to reach a new historical maximum.

Digest daily market engines: strokes where it hurts

• Investors and operators are parking their money in gold, moving away from technological actions, while staying safe from the new minimums in US yields as concerns of inflation decrease, Bloomberg reports.
• At 14:45 GMT, S&P Global will publish the final reading of January of the Purchasing Management Index. The ISM services PMI is expected to remain stable at 52.8.
• At 15:00 GMT, the Supply Management Institute (ISM) will also publish its PMI data for the service sector as a whole:
  • The PMI is expected to rise to 54.3 from 54.1 in December.
  • The paid price component was 64.4 last time and has no prognosis.
• The CME Fedwatch tool shows a probability of 83.5% of maintaining the interest rate without changes in the March 19 meeting, compared to 16.5% for a rate cut of 25 basic points.

Technical Analysis: Sweet Point

Gold is rising again, and with China returning to the markets after the Chinese New Year holidays, it is expected to see a recovery movement in the assets. With the Bullion rally entering its fifth day on Wednesday, Chinese operators are expected to try to catch up with it, which means that any brief fall or setback will be bought with interest. Since there are no reference levels that have historical value, intra -pivot point levels are becoming increasingly important.

The pivot point level for this Wednesday is the first close support at $ 2,831. From there, the S1 support should reach $ 2,818, although it does not seem the best. Instead, look for S2 support in 2,793 $, which coincides approximately $ 2,790 (the previous maximum of October 31, 2024) as a more significant level.

On the other hand, the R2 resistance in $ 2,869 is the next level to be observed, followed by large logical figures such as $ 2,880 and $ 2,900. Above, some analysts and strategists have already predicted $ 3,000.

Xau/USD: Daily graphic