Gold trading strategy update on 27/2/2023
World gold price this morning tended to increase with spot gold price increasing by 2.1 USD to 1,813.30 USD/ounce.
Fear in the market continued to increase as precious metal prices ended the 5th consecutive week in negative territory. Last week, gold futures in April last traded at $1,818 per ounce, down 0.71% from the previous Friday.
Consistently higher inflation is fueling expectations that the US Federal Reserve (Fed) will maintain positive monetary policies for longer. The Fed's continued swings in interest rates are pushing short-term bond yields to multi-year highs and creating new impetus for the dollar.
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 1796 - 1797
Stop Loss: 1794
Take profit 1: 1800
Take Profit 2:1808
Take profit 3: 1810
Sell 1819 - 1820
Stop Loss: 1823
Take profit 1: 1818
Take profit 2:1815
Take profit 3: 1810
Note: Always set TP and SL in all trading cases
Fear in the market continued to increase as precious metal prices ended the 5th consecutive week in negative territory. Last week, gold futures in April last traded at $1,818 per ounce, down 0.71% from the previous Friday.
Consistently higher inflation is fueling expectations that the US Federal Reserve (Fed) will maintain positive monetary policies for longer. The Fed's continued swings in interest rates are pushing short-term bond yields to multi-year highs and creating new impetus for the dollar.
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 1796 - 1797
Stop Loss: 1794
Take profit 1: 1800
Take Profit 2:1808
Take profit 3: 1810
Sell 1819 - 1820
Stop Loss: 1823
Take profit 1: 1818
Take profit 2:1815
Take profit 3: 1810
Note: Always set TP and SL in all trading cases
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