Gold is above 2170 and is expected to reach the 2250 target in t

After a quiet period during the European session, gold prices regained their appeal in the US market and rose to the $2,170 area. After climbing to 4.2% earlier, the benchmark 10-year U.S. Treasury yield erased most of the gains and helped gold prices higher. The Federal Reserve is preparing to cut interest rates, and despite disappointing consumer price indexes, U.S. monetary policy authorities may judge that price pressures are easing. As long as economic data continues to be weak, gold has the ability to reach our Q2 2024 target of $2,250.
Gold prices have remained stable after plummeting on Tuesday due to U.S. CPI data. As long as gold prices can remain above support at $2,145 an ounce, a rebound to all-time highs is still possible. For now, gold prices have halted their corrective decline, partly due to renewed geopolitical tensions, which has provided support.
Gold prices have found strong support above $2,145/oz, which is the 23.6% Fibonacci of the rebound from the March 7 low and the February 14 low of $1,984/oz to the all-time high of $2,195/oz. The confluence of retracements. Holding this level is critical for gold to resume its upward trend towards Tuesday's high of $2,185 an ounce. If this level is exceeded, gold prices will retest the all-time high of $2,195 per ounce.

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