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GOLD MARKET ANALYSIS AND COMMENTARY - [March 10 - March 14]

XAUUSD have recovered strongly this week, rising from $2,858/oz to $2,930/oz before adjusting to $2,910/oz. The main reason is political tension when US President Donald Trump stopped military aid to Ukraine and threatened to sanction Russia if it did not negotiate a ceasefire. This increased instability, supporting gold prices. However, if Russia and Ukraine move towards peace negotiations, gold prices may face downward pressure in the short term, although the possibility is still low.

Furthermore, Mr. Trump’s move forced the European Union (EU) to launch a spending package of nearly 1 trillion euros to strengthen the defense of EU member states. This means that the EU’s budget deficit will become larger, leading to higher inflation and lower growth, thereby increasing the role of gold as a safe haven.

The US non-farm payrolls (NFP) figure for February came in at 151,000, slightly below the forecast of 159,000. The unemployment rate edged up slightly to 4.1% from 4% in January, but the labor market remains untroubled. As a result, the Fed may maintain its current interest rate. Fed Chairman Jerome Powell also stressed that the central bank is in no hurry to cut interest rates as the labor market remains strong and inflation risks remain high.

Rising inflation while the Fed maintains stable interest rates has caused real interest rates to fall, supporting gold prices. In addition, economic instability due to US tariff policies and the complicated developments of the Russia-Ukraine war have also increased the demand for safe haven gold. However, since most of the risks have been reflected in prices, gold may not increase sharply next week and there is a risk of correction due to short-term profit-taking pressure.

🕹SOME DATA THAT MAY AFFECT GOLD PRICES NEXT WEEK:
Inflation will be in focus next week as markets digest a number of key data on US prices and consumer spending. The most notable is the February CPI report on Wednesday, followed by the PPI on Thursday, and the University of Michigan consumer sentiment survey on Friday. Other key events include the US JOLTS jobs report on Tuesday, the Bank of Canada interest rate decision on Wednesday morning, and the US weekly jobless claims report on Thursday.

Markets hesitant, GOLD sideways on NFP data day

📌Technically, gold prices will fluctuate in a relatively narrow daily range next week with support at $2,890/oz and resistance at $2,930/oz. If gold prices rise above $2,930/oz next week, they could rise to $2,950/oz, followed by strong resistance at $3,000/oz. However, if gold prices are pushed below $2,890/oz next week, they could fall to the $2,835-$2,860/oz range.

Notable technical levels are listed below.
Support: 2,900 – 2,880 – 2,868USD
Resistance: 2,929 – 2,942 – 2,956USD

SELL XAUUSD PRICE 2976 - 2974⚡️
↠↠ Stoploss 2980

BUY XAUUSD PRICE 2809 - 2811⚡️
↠↠ Stoploss 2805

Note

GOLD falls slightly as Dollar recovers, news, main trends

Note

Gold futures in New York crossed $2,900 an ounce, up 0.02% on the day.

Note

Gold recovers positively towards 2,902 USD/oz

Note

⚫Gold prices rose due to a weaker US dollar and increased demand for safe-haven assets, as concerns about a US recession grew more evident.

Note

⚫The US increased tariffs on imported steel and aluminum by 25-50%, strongly affecting Canada, Mexico and the global supply chain, increasing demand for safe haven gold.

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