🖥 GOLD MARKET ANALYSIS AND COMMENTARY - [March 18 - March 22]
Updated
After increasing to 2,195 USD/oz last week, this week's gold price continuously adjusted from 2,188 USD/oz at one point to 2,150 USD/oz and closed at 2,156 USD/oz.
Gold prices have increased sharply in recent times mainly due to purchases by central banks and investors buying gold in anticipation of the FED reducing interest rates next June. Therefore, the rising inflation data has reduced this expectation, causing them to sell gold to take profits to hedge against risks.
Next week will be a big challenge for gold prices when the FED will meet to discuss monetary policy and make economic forecasts. Any rhetoric to push back interest rate cuts could create some selling pressure on gold prices next week.
Although at next week's meeting, the FED may not continue to postpone the interest rate cut date beyond June, it may be difficult for gold prices to avoid continued adjustment pressure due to the possibility of ETFs. will continue to sell gold, while investors also make similar moves to hedge against risks before the FED meeting.
📌Technically, on the D1 technical analysis chart, the price is starting to show signs of a correction, and this correction may find its way back to the support area of 2090-2100, around the 50 Fib mark of the Fib Retracement, also around moving average EMA34 D1.
The trading plan for next week will consider selling around 2200, buying around 2090.
Gold prices have increased sharply in recent times mainly due to purchases by central banks and investors buying gold in anticipation of the FED reducing interest rates next June. Therefore, the rising inflation data has reduced this expectation, causing them to sell gold to take profits to hedge against risks.
Next week will be a big challenge for gold prices when the FED will meet to discuss monetary policy and make economic forecasts. Any rhetoric to push back interest rate cuts could create some selling pressure on gold prices next week.
Although at next week's meeting, the FED may not continue to postpone the interest rate cut date beyond June, it may be difficult for gold prices to avoid continued adjustment pressure due to the possibility of ETFs. will continue to sell gold, while investors also make similar moves to hedge against risks before the FED meeting.
📌Technically, on the D1 technical analysis chart, the price is starting to show signs of a correction, and this correction may find its way back to the support area of 2090-2100, around the 50 Fib mark of the Fib Retracement, also around moving average EMA34 D1.
The trading plan for next week will consider selling around 2200, buying around 2090.
Note
It is forecasted that gold will decrease next week after considering the newly released inflation data. Inflation is "hotter" than expected, making the possibility that the US Federal Reserve (Fed) will delay the policy pivot longer.If gold cannot hold the level of 2,150 USD/ounce, the price may fall to 2,130 USD/ounce and even 2,110 USD/ounce.
Note
Note
SELL XAUUSD PRICE 2166 - 2164⚡️ ↠↠ Stoploss 2170
→Take Profit 1 2159
↨
→Take Profit 2 2154
BUY XAUUSD PRICE 2134 - 2136⚡️
↠↠ Stoploss 2130
→Take Profit 1 2141
↨
→Take Profit 2 2146
Note
Gold has been under pressure this week due to the US dollars rebound, although the precious metal remains near a multi-decade high. Technical analysts will be closely watching a Bullish Pennant formation that is nearly complete. The next few days will see if this pattern plays out.Note
Gold prices stabilized on Monday after a weak performance last week. The prices rebounded from support at around $2,150 and could potentially face resistance at the trendline of $2,175. If this resistance is overcome, attention will shift to the all-time high of $2,195.If bears regain control of the market, the first technical floor to watch for a pullback is $2,150. Bulls need to defend this zone to prevent further selling pressure. Failure to do so could lead to a drop towards $2,085, with potential losses shifting focus to $2,065.
Note
SELL XAUUSD PRICE 2178 - 2176⚡️ ↠↠ Stoploss 2182
→Take Profit 1 2171
↨
→Take Profit 2 2166
BUY XAUUSD PRICE 2134 - 2136⚡️
↠↠ Stoploss 2130
→Take Profit 1 2141
↨
→Take Profit 2 2146
Note
As a result of this decision, the value of the dollar compared to the yen has increased and is approaching a previous high. This has also put pressure on the euro, making it less valuable compared to the dollar. So, in essence, the dollar has become stronger against these currencies.Interestingly, the value of gold has not been affected by the stronger dollar and is still trading at a key level. As long as gold remains above this key level, it is expected to continue its positive trend.
Note
If the Federal Reserve signals a greater inclination to exercise patience before removing policy restraint and shows less willingness to deliver multiple rate cuts, we could see U.S. Treasury yields and the U.S. dollar charge upwards in the near term, extending their recent rebound. Meanwhile, stocks and gold, which have rallied strongly recently on the assumption that the central bank was on the cusp of pivoting to a looser stance, could be in for a rude awakening (bearish correction).Note
Gold turned down to $2,157After rising more than $10 to above $2,164, gold is now back down to $2,157.
Today's focus is on the Fed's monetary policy decision and Fed Chairman Powell's speech.
Trade active
Plan SELL + 50pips, close a part move SL to entry.🔥Note
Gold continued its bullish run after Wednesday’s FOMC meeting provided the catalyst. Bullish continuation was something highlighted in the previous gold update, as long as prices consolidated above the prior all-time high of 2146.80 – which they had.
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🧩Account management
🧩Forex signals have a high win rate
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