Long

GOLD recovers and stays above $2,900, pay attention to CPI data

XAUUSD rebounded, driven mainly by safe-haven flows as trade war concerns dampened market risk sentiment and markets focused on US inflation data.

hit a four-month low, making gold more attractive. Meanwhile, the main event of the week is the US CPI report today (March 12), which could cause major market moves. Positive data could lead to a sharp sell-off in gold, while weak data could give the green light for further gains in gold.

CPI is expected to have risen 0.3% in February, according to a Reuters poll. The New York Federal Reserve's latest consumer expectations survey forecasts inflation at 3.1% over the next year, up slightly from 3% in January. Markets are now expecting the Federal Reserve to cut interest rates in June.

GOLD recovers to trade around $2,900, still has a lot of support

Technical Outlook Analysis XAUUSD
On the daily chart, in terms of trend, gold is still in the accumulation phase after recovering from the $2,880 level noted by readers in the previous editions and the break above the $2,900 level provides conditions for further testing of the $2,929 level in the short term.

For now, gold is still trading around the EMA21 and is still in a consolidation state, but in terms of technical conditions, it is more likely to increase in price. With the price channel as a short-term trend, and the RSI activity above 50, quite far from the overbought zone, it shows that the bullish momentum is still ahead.

However, the technical chart still needs a strong impact to break the current accumulation structure. And during the day, the notable positions will be listed as follows.
Support: 2,900 - 2,880 USD
Resistance: 2,929 - 2,942 USD

SELL XAUUSD PRICE 2961 - 2959⚡️
↠↠ Stoploss 2965

→Take Profit 1 2953
↨
→Take Profit 2 2947

BUY XAUUSD PRICE 2899 - 2901⚡️
↠↠ Stoploss 2895

→Take Profit 1 2907
↨
→Take Profit 2 2913

Note

Gold price drops to $2,912/oz

Note

▫️Gold SPOT hit $2940 per ounce or more, up 0.23% on the day.

Note

GOLD hits Bullish targets, heading for all-time high

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