Gold technical analysis this week

After recent events of banks stopping their operations, the price of gold made gains. Gold is an attractive addition to investors’ portfolios because of its relative “stability” to balance out the uncertainty that is currently holding strong throughout the markets. Gold has been traditionally considered a safe haven asset in times of uncertainty, and this is what is currently happening following the failure of three banks last week. The Federal Reserve might also slow down its pace of rate hikes, and this can also be seen on the Fedwatch tool with the probability of a hike not exceeding 35%.This was not a forecastable scenario until Friday, March 10th but is now gaining more ground coming up to the next FED meeting on March 22nd.