GOLDEN MARKET COMMENTARY ANALYSIS - 2023 [February 27-03/3]
This week, the international gold price has continuously decreased from 1,847 USD/oz to 1,809 USD/oz and closed at 1,811 USD/oz.
The two main factors that have weighed on gold prices this week are inflation and rising US government bond yields, amid expectations that the Fed will continue to raise interest rates strongly.
Notably, the minutes of the Fed's January meeting also revealed that some FOMC members are also leaning towards a 50 basis point increase in interest rates instead of a 25 basis point increase.
There are no important data for next week other than industrial goods orders and US PMI. Therefore, economic data will not have much impact on gold prices next week.
Technically, if gold price next week fails to hold the critical support at $1,800/oz, a drop to $1,787/oz (fibo50 on weekly chart) is possible, followed by $1,750/oz. (just hit the round resistance is also the fibo level 38.2 on the weekly chart).
Trading plan for next week, will consider buying around fibo50 resistance in Weekly chart, ie around 1788, selling around moving resistance according to h4 chart around 1830., accepting stop loss at 5 prices for each trading strategy. pandemic.
Trading recommendation:
Support level: 1,800.30 1,797.45 1,782.90
Resistance levels: 1,834.00 1,845.99 1,860.00
Trading recommendation:
Buy 1809 - 1808
Stop Loss: 1803
Take profit 1: 1823
Take profit 2:1830
Take profit 3: 1835
Sell 1827 - 1831
Stop loss: 1833
Take profit 1: 1823
Take profit 2:1820
Take profit 3: 1810
Note: Always set TP and SL in all trading cases
The two main factors that have weighed on gold prices this week are inflation and rising US government bond yields, amid expectations that the Fed will continue to raise interest rates strongly.
Notably, the minutes of the Fed's January meeting also revealed that some FOMC members are also leaning towards a 50 basis point increase in interest rates instead of a 25 basis point increase.
There are no important data for next week other than industrial goods orders and US PMI. Therefore, economic data will not have much impact on gold prices next week.
Technically, if gold price next week fails to hold the critical support at $1,800/oz, a drop to $1,787/oz (fibo50 on weekly chart) is possible, followed by $1,750/oz. (just hit the round resistance is also the fibo level 38.2 on the weekly chart).
Trading plan for next week, will consider buying around fibo50 resistance in Weekly chart, ie around 1788, selling around moving resistance according to h4 chart around 1830., accepting stop loss at 5 prices for each trading strategy. pandemic.
Trading recommendation:
Support level: 1,800.30 1,797.45 1,782.90
Resistance levels: 1,834.00 1,845.99 1,860.00
Trading recommendation:
Buy 1809 - 1808
Stop Loss: 1803
Take profit 1: 1823
Take profit 2:1830
Take profit 3: 1835
Sell 1827 - 1831
Stop loss: 1833
Take profit 1: 1823
Take profit 2:1820
Take profit 3: 1810
Note: Always set TP and SL in all trading cases
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