🌟 Gold Surges 1% as USD Weakens Amid Growing Recession Fears
💰 Market Overview
Gold continues to be a safe-haven asset, benefiting from heightened market uncertainty. However, any positive developments in the ongoing negotiations between Russia and Ukraine could lower risk premiums, potentially affecting gold’s upward momentum.
🌍 The trade policies imposed by former US President Donald Trump on key global trading partners previously caused major volatility in the global markets, fueling concerns about economic growth.
📊 Key Economic Data on the Horizon
The focus now shifts to the upcoming US inflation reports:
📅 CPI (Consumer Price Index) and PPI (Producer Price Index) are due for release on March 12 and 13.
📌 According to a Reuters poll, the CPI for February is expected to rise by 0.3%. These crucial data releases could have a significant impact on gold’s movement, making it vital for investors to remain vigilant.
📈 Technical Analysis & Trade Setup
✅ Gold has broken out of a parallel downward channel around the $2898 - $2900 range, showing a strong breakout and forming a continuation pattern (CP), surging 15-20 points afterward.
📌 The break of the bearish structure yesterday followed by the sharp rally suggests that gold still has strong buying momentum, underpinned by fundamentals favourable for both USD and gold.
📊 Key Support and Resistance Levels
📍 Major Resistance Levels: $2927 - $2944 - $2954
📍 Major Support Levels: $2899 - $2884 - $2873
📌 Trading Zones
🟢 BUY ZONE: $2884 - $2882
🔹 Stop Loss (SL): $2878
🎯 Take Profit (TP): $2888 - $2892 - $2896 - $2900 - $2906 - $2910
🔴 SELL ZONE: $2943 - $2945
🔹 Stop Loss (SL): $2949
🎯 Take Profit (TP): $2940 - $2936 - $2932 - $2928 - $2922
📢 Final Thoughts
🕵️♂️ Tonight, the crucial CPI report will be released, and it could have a significant effect on gold’s direction this week. At the moment, gold’s movement seems erratic on lower timeframes, swinging between highs and lows as the market transitions from Winter-Spring to Summer-Fall.
📌 Traders should remain cautious, waiting for a clearer trend to emerge before making more aggressive moves. Stick to your TP/SL levels to protect your capital.
Best of luck and trade safely! 🚀
💰 Market Overview
Gold continues to be a safe-haven asset, benefiting from heightened market uncertainty. However, any positive developments in the ongoing negotiations between Russia and Ukraine could lower risk premiums, potentially affecting gold’s upward momentum.
🌍 The trade policies imposed by former US President Donald Trump on key global trading partners previously caused major volatility in the global markets, fueling concerns about economic growth.
📊 Key Economic Data on the Horizon
The focus now shifts to the upcoming US inflation reports:
📅 CPI (Consumer Price Index) and PPI (Producer Price Index) are due for release on March 12 and 13.
📌 According to a Reuters poll, the CPI for February is expected to rise by 0.3%. These crucial data releases could have a significant impact on gold’s movement, making it vital for investors to remain vigilant.
📈 Technical Analysis & Trade Setup
✅ Gold has broken out of a parallel downward channel around the $2898 - $2900 range, showing a strong breakout and forming a continuation pattern (CP), surging 15-20 points afterward.
📌 The break of the bearish structure yesterday followed by the sharp rally suggests that gold still has strong buying momentum, underpinned by fundamentals favourable for both USD and gold.
📊 Key Support and Resistance Levels
📍 Major Resistance Levels: $2927 - $2944 - $2954
📍 Major Support Levels: $2899 - $2884 - $2873
📌 Trading Zones
🟢 BUY ZONE: $2884 - $2882
🔹 Stop Loss (SL): $2878
🎯 Take Profit (TP): $2888 - $2892 - $2896 - $2900 - $2906 - $2910
🔴 SELL ZONE: $2943 - $2945
🔹 Stop Loss (SL): $2949
🎯 Take Profit (TP): $2940 - $2936 - $2932 - $2928 - $2922
📢 Final Thoughts
🕵️♂️ Tonight, the crucial CPI report will be released, and it could have a significant effect on gold’s direction this week. At the moment, gold’s movement seems erratic on lower timeframes, swinging between highs and lows as the market transitions from Winter-Spring to Summer-Fall.
📌 Traders should remain cautious, waiting for a clearer trend to emerge before making more aggressive moves. Stick to your TP/SL levels to protect your capital.
Best of luck and trade safely! 🚀
⚜️ Trade with Money Market Flow, logic, Price action 📉📈
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 7 to 15 Signals Vip
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 7 to 15 Signals Vip
Related publications
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.
⚜️ Trade with Money Market Flow, logic, Price action 📉📈
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 7 to 15 Signals Vip
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 7 to 15 Signals Vip
Related publications
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.