Gold fell sharply, trading needs to be cautious
Market news:
In early Asian trading on Friday (February 28), spot gold hovered at a low level and is currently trading around $2,877/ounce. London gold prices fell 1.3% on Thursday, hitting a new low of more than two weeks at $2,867/ounce during the session. On the one hand, the US durable goods orders data was stronger than market expectations, the Fed's expectations of interest rate cuts were further cooled, and the US dollar rose sharply to a one-week high, suppressing international gold prices; on the other hand, the Russian-Ukrainian war is nearing its end, and geopolitical concerns have cooled down, suppressing the safe-haven demand for international gold, although concerns about the international trade situation still linger. Trump reconfirmed the tariff issue and said he would resume tariffs on Canada and Mexico, causing the US dollar to strengthen again, and the price of gold investment fell to the lowest level in more than two weeks. Investors are waiting for key inflation data that can reveal the Fed's monetary policy path! The market is waiting for Friday's personal consumption expenditures (PCE) price index report to see if inflation is under control. Two weeks ago, the January consumer price data was higher than expected, shocking the market. It should be noted that the holdings of SPDR Gold ETF, the world's largest gold ETF, increased significantly last week, but have decreased in the last two trading days. This reflects that the bullish sentiment in the market has subsided and some bulls seem to have taken profits.
Today's analysis:
From the current market, as the range breaks down and runs at a low level, yesterday's daily line finally recorded a medium-yin column, and the price effectively crossed the middle track of the Bollinger band. At present, the short-term moving average 2919 and the middle track of the Bollinger band 2893 form dense suppression, and other periodic indicators turn to short positions. The Bollinger band is generally biased downward, and the macd indicator continues to increase downward in a dead cross pattern, showing sufficient downward potential, so the overall short position of the daily line has an advantage. In terms of the 4-hour aspect, the continuous closing of the negative directly caused the price to cross the lower track of the Bollinger band, and at the same time drove the short-term moving average and the middle track of the Bollinger band, as well as other periodic indicators to turn to short positions. At present, these indicators have formed dense resistance in the 2890-2900 area. In addition, the lower track of the Bollinger band intensifies the downward trend, and the low-level dead cross of the macd indicator has sufficient downward potential, so the overall 4-hour level can be expected to be a new low again. In terms of operation, it is recommended to maintain a high-altitude thinking. It is recommended to pay attention to the resistance near 2890 first. Below it will help the bears to continue to test new lows. If it is unexpectedly broken by the bulls, focus on the 2902 area. Although it is still considered to be bearish, the cycle of low exploration will be prolonged, and it is not ruled out that the bulls may also impact the 2930 area. For the short-term support below, pay attention to the 2862-2867 area. The first approach can be used for short-term long layout. However, if the bears break down at any time, it is expected to intensify the downward trend to the expected 2850-2840 extreme area.
Operation ideas:
Buy short-term gold at 2852-2855, stop loss at 2843, target at 2880-2890;
Sell short-term gold at 2889-2892, stop loss at 2900, target at 2870-2860;
Key points:
First support level: 2862, second support level: 2853, third support level: 2841
First resistance level: 2888, second resistance level: 2902, third resistance level: 2913
In early Asian trading on Friday (February 28), spot gold hovered at a low level and is currently trading around $2,877/ounce. London gold prices fell 1.3% on Thursday, hitting a new low of more than two weeks at $2,867/ounce during the session. On the one hand, the US durable goods orders data was stronger than market expectations, the Fed's expectations of interest rate cuts were further cooled, and the US dollar rose sharply to a one-week high, suppressing international gold prices; on the other hand, the Russian-Ukrainian war is nearing its end, and geopolitical concerns have cooled down, suppressing the safe-haven demand for international gold, although concerns about the international trade situation still linger. Trump reconfirmed the tariff issue and said he would resume tariffs on Canada and Mexico, causing the US dollar to strengthen again, and the price of gold investment fell to the lowest level in more than two weeks. Investors are waiting for key inflation data that can reveal the Fed's monetary policy path! The market is waiting for Friday's personal consumption expenditures (PCE) price index report to see if inflation is under control. Two weeks ago, the January consumer price data was higher than expected, shocking the market. It should be noted that the holdings of SPDR Gold ETF, the world's largest gold ETF, increased significantly last week, but have decreased in the last two trading days. This reflects that the bullish sentiment in the market has subsided and some bulls seem to have taken profits.
Today's analysis:
From the current market, as the range breaks down and runs at a low level, yesterday's daily line finally recorded a medium-yin column, and the price effectively crossed the middle track of the Bollinger band. At present, the short-term moving average 2919 and the middle track of the Bollinger band 2893 form dense suppression, and other periodic indicators turn to short positions. The Bollinger band is generally biased downward, and the macd indicator continues to increase downward in a dead cross pattern, showing sufficient downward potential, so the overall short position of the daily line has an advantage. In terms of the 4-hour aspect, the continuous closing of the negative directly caused the price to cross the lower track of the Bollinger band, and at the same time drove the short-term moving average and the middle track of the Bollinger band, as well as other periodic indicators to turn to short positions. At present, these indicators have formed dense resistance in the 2890-2900 area. In addition, the lower track of the Bollinger band intensifies the downward trend, and the low-level dead cross of the macd indicator has sufficient downward potential, so the overall 4-hour level can be expected to be a new low again. In terms of operation, it is recommended to maintain a high-altitude thinking. It is recommended to pay attention to the resistance near 2890 first. Below it will help the bears to continue to test new lows. If it is unexpectedly broken by the bulls, focus on the 2902 area. Although it is still considered to be bearish, the cycle of low exploration will be prolonged, and it is not ruled out that the bulls may also impact the 2930 area. For the short-term support below, pay attention to the 2862-2867 area. The first approach can be used for short-term long layout. However, if the bears break down at any time, it is expected to intensify the downward trend to the expected 2850-2840 extreme area.
Operation ideas:
Buy short-term gold at 2852-2855, stop loss at 2843, target at 2880-2890;
Sell short-term gold at 2889-2892, stop loss at 2900, target at 2870-2860;
Key points:
First support level: 2862, second support level: 2853, third support level: 2841
First resistance level: 2888, second resistance level: 2902, third resistance level: 2913
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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.
Share free trading signals every day, with an accuracy rate of up to 98% and a return rate of over 200%. Please click me to get it
t.me/+T3KTC22K-2BlZmNh
t.me/+T3KTC22K-2BlZmNh
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.