1，Impact of US economic data
One of the focuses this Friday is the upcoming release of the US preliminary PMI for February, especially the service PMI data. The market expects the service PMI for February to rise slightly to 53.0, a slight improvement from 52.9 in January. PMI data is usually used as an important indicator to measure economic activity and corporate confidence. If the results are stronger than expected, it may stimulate the strengthening of the US dollar, thereby exerting some pressure on gold. On the contrary, if the data is lower than expected, gold may be supported.
2，Trump's remarks on Russian sanctions
Before Friday's market trading, the Trump administration made a statement on whether to lift economic sanctions on Russia, saying that it might consider easing sanctions on Russia in future negotiations. This news caused considerable market fluctuations, especially in the gold market. As the situation between Russia and Ukraine continues to be tense, the market is highly sensitive to the policy direction of the US government. Trump's remarks may reduce geopolitical uncertainty, thereby weakening the support of risk aversion for gold.
Technical Trend Analysis
From a technical perspective, gold is currently facing a strong support and pressure range. In the early trading on Friday, the price of gold fell to around 2923, close to the previous S1 support level. If this support level is lost, the price of gold may fall further to the S2 support level of 2908, which is a key technical support range. If it falls below this area, the downward pressure may accelerate in the short term.
On the other hand, if the price of gold can successfully hold the 2923 support and break through the intraday Pivot Point (2939), it may usher in a further rebound, challenge the historical high of 2954, and may test the R1 resistance level of 2969 in the next trading day. It is worth noting that in order to fully recover to the vicinity of the historical high, gold needs sufficient catalysts, especially strong stimulus from macroeconomic or geopolitical aspects.
GOLD XAUUSD XAUUSD GOLD
One of the focuses this Friday is the upcoming release of the US preliminary PMI for February, especially the service PMI data. The market expects the service PMI for February to rise slightly to 53.0, a slight improvement from 52.9 in January. PMI data is usually used as an important indicator to measure economic activity and corporate confidence. If the results are stronger than expected, it may stimulate the strengthening of the US dollar, thereby exerting some pressure on gold. On the contrary, if the data is lower than expected, gold may be supported.
2，Trump's remarks on Russian sanctions
Before Friday's market trading, the Trump administration made a statement on whether to lift economic sanctions on Russia, saying that it might consider easing sanctions on Russia in future negotiations. This news caused considerable market fluctuations, especially in the gold market. As the situation between Russia and Ukraine continues to be tense, the market is highly sensitive to the policy direction of the US government. Trump's remarks may reduce geopolitical uncertainty, thereby weakening the support of risk aversion for gold.
Technical Trend Analysis
From a technical perspective, gold is currently facing a strong support and pressure range. In the early trading on Friday, the price of gold fell to around 2923, close to the previous S1 support level. If this support level is lost, the price of gold may fall further to the S2 support level of 2908, which is a key technical support range. If it falls below this area, the downward pressure may accelerate in the short term.
On the other hand, if the price of gold can successfully hold the 2923 support and break through the intraday Pivot Point (2939), it may usher in a further rebound, challenge the historical high of 2954, and may test the R1 resistance level of 2969 in the next trading day. It is worth noting that in order to fully recover to the vicinity of the historical high, gold needs sufficient catalysts, especially strong stimulus from macroeconomic or geopolitical aspects.
GOLD XAUUSD XAUUSD GOLD 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.