Dear friends, the overall trend for gold today is downward, as indicated by the reversal of the EMA 34 signal. At the time of writing, the price is trading at $2023, a decrease of 0.82% for the day.
Based on recent statements and the number of jobs, it seems unlikely that a rate cut will occur in March.
The better-than-expected job market in the US has caused the USD to strengthen. Therefore, it is inevitable that gold will decline in the short term.
The support level around $2015 continues to hold strong for buyers. However, if sellers prove their strength by breaking through this support, gold will experience a significant decrease.
The resistance level, as indicated on the technical chart, serves as evidence for the ongoing conflict between buyers and sellers, as gold continues to react strongly.
Wishing you successful trading endeavors.
Based on recent statements and the number of jobs, it seems unlikely that a rate cut will occur in March.
The better-than-expected job market in the US has caused the USD to strengthen. Therefore, it is inevitable that gold will decline in the short term.
The support level around $2015 continues to hold strong for buyers. However, if sellers prove their strength by breaking through this support, gold will experience a significant decrease.
The resistance level, as indicated on the technical chart, serves as evidence for the ongoing conflict between buyers and sellers, as gold continues to react strongly.
Wishing you successful trading endeavors.
