Gold trades in the favour of bulls when PCE Price Index is round the corner

So far, after consolidating within a symmetrical triangle, Gold prices gave a breakout on the upside to rise all the way to $3038. The yellow metal captivated fresh demands amid renewed tariff threats from U.S. President, a weakening Dollar and escalating geopolitical turmoil. According to a survey, the U.S. consumer confidence plummeted to four year low of 92.9 in the month of March with households dreading higher inflation in near future because of tariffs. On Wednesday, Donald Trump announced a 25% of tariff on all auto imports to boost domestic manufacturing, receiving backlash from Japan, the EU, Canada and the UK. 

Gold built gains on fresh US Dollar pullback as dampening consumer confidence weighed down on the greenback. Investors now await US Q4 GDP data and PCE Price Index, which is Fed's preferred measure of inflation, for more clarity. 

Technical Overview 

The technical setup on the daily chart suggests prices have been moving in a narrow range within the inside bar with more chances of a breakout above $3047. The RSI at 67.05 indicates that overall sentiment for today remains in the favour of buyers. 

Gold Structure: NR3 Candle Pattern on Daily, Breakout of Symmetrical Triangle on 4hr, Doji on 1hr.

Intraday Strategy/ Intraday Trend: Buy on Supports, Buy on Breakouts/ Neutral to Bullish

Major Resistance: 3038, 3047, 3058

Major Support: 3028, 3023, 3013