XAUUSD Potential Forecast | 2nd March 2023Fundamental Backdrop
1. US consumer confidence printed a decrease and durable goods order coming in bad.
2. However, US ISM Manufacturing PMI was better than previous from 47.4 to 47.7.
3. Mixed sentiments surrounding the dollar.
4. All eyes on FOMC to see the overall US economy.
Technical Confluences
1. Price is still on a bearish trend, forming lower lows and highs.
2. Across the past week, price has been very bullish on GOLD, and price is currently retracing.
3. Price retested the H4 support level at 1824.6 and continued higher.
4. Anticipating a new high to be formed.
Idea
Expecting price to continue its bullish trajectory to the resistance at 1862.5.
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