Gold market commentary ( XAUUSD ) Feb 27-3/3/2023
Updated
The personal consumption expenditures (PCE) price index report - the inflation measure favored by the US Federal Reserve (Fed) - showed that prices in January increased by 0.6% compared to December 2022 and increased 4.7% over the same period last year. Both of these gains exceeded analyst expectations. The report added to pre-existing market concerns that the Fed may have to raise rates to higher levels for longer to bring inflation back to its 2% target.
This expectation puts downward pressure on gold, as the precious metal is a non-yielding asset. In addition, the dollar also continued to appreciate due to expectations of Fed tightening policy, putting more pressure on gold - a dollar-denominated asset.
The Dollar Index, which measures the strength of the dollar, increased by 0.6% on Friday, closing the week at nearly 105.3 points, the highest in nearly 2 months. Within a month, the index rose 3.3%. Along with that, the 10-year US Treasury bond yields are on track to complete the fifth consecutive week of gains.
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 soup at the price range 1809 - 1808
Stop Loss: 1803
Take profit 1: 1823
Take profit 2:1830
Take profit 3: 1835
Note: Always set TP and SL in all trading cases
This expectation puts downward pressure on gold, as the precious metal is a non-yielding asset. In addition, the dollar also continued to appreciate due to expectations of Fed tightening policy, putting more pressure on gold - a dollar-denominated asset.
The Dollar Index, which measures the strength of the dollar, increased by 0.6% on Friday, closing the week at nearly 105.3 points, the highest in nearly 2 months. Within a month, the index rose 3.3%. Along with that, the 10-year US Treasury bond yields are on track to complete the fifth consecutive week of gains.
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 soup at the price range 1809 - 1808
Stop Loss: 1803
Take profit 1: 1823
Take profit 2:1830
Take profit 3: 1835
Note: Always set TP and SL in all trading cases
Note
XAUUSD CLOSE PROFIT + 90Pips ✅ ✅ ✅ according to buy strategy 1808 - 1809
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