Gold (XAUUSD) trading commentary on 24/3/2023
XAU/USD has rebounded as traders buy the dip after the release of Initial Jobless Claims data showed less Americans are signing on for unemployment benefit than experts had forecast, led to a spike lower. The pair is currently trading up on the day at $1,982.
Gold price shot higher following the March FOMC meeting on Wednesday. The ore beloved of king Midas of Phrygia rose after the US Federal Reserve (Fed) suggested tighter credit conditions due to banking stress might do the job of bringing down inflation on its behalf. The Bank would, therefore, probably not have to raise rates as much as expected in the future.
Gold gained because the expectations of lower interest rates are viewed as bullish for the metal since it doesn’t yield holders a return unlike cash (deposits) or cash equivalents.
Support levels: 1,932.65 1,921.80 1,907.45
Resistance levels: 1,962.30 1,979.10 1,988.30
Trading recommendation:
Gold Sell 1987-1988
Stoploss : 1993
Take profit 1: 1965
Take Profit 2: 1960
Take profit 3: 1955
Buy GOLD 1935 - 1933
Stop Loss: 1929
Take profit 1: 1945
Take profit 2:1950
Take profit 3: 1955
Note: Always install Stoploss and Takeprofit to ensure safety in trading
Gold price shot higher following the March FOMC meeting on Wednesday. The ore beloved of king Midas of Phrygia rose after the US Federal Reserve (Fed) suggested tighter credit conditions due to banking stress might do the job of bringing down inflation on its behalf. The Bank would, therefore, probably not have to raise rates as much as expected in the future.
Gold gained because the expectations of lower interest rates are viewed as bullish for the metal since it doesn’t yield holders a return unlike cash (deposits) or cash equivalents.
Support levels: 1,932.65 1,921.80 1,907.45
Resistance levels: 1,962.30 1,979.10 1,988.30
Trading recommendation:
Gold Sell 1987-1988
Stoploss : 1993
Take profit 1: 1965
Take Profit 2: 1960
Take profit 3: 1955
Buy GOLD 1935 - 1933
Stop Loss: 1929
Take profit 1: 1945
Take profit 2:1950
Take profit 3: 1955
Note: Always install Stoploss and Takeprofit to ensure safety in trading
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.