GOLD falls slightly as Dollar recovers, news, main trends

XAUUSD has just dropped to around $2,912/ounce, down nearly $10 from the intraday high of $2,918/ounce reached earlier in the session.
The recovery of the US Dollar can be seen as the current pressure causing gold prices to slightly decline from the intraday high.

Overview of data and event news
The Labor Department report showed the U.S. economy added 151,000 jobs in February, compared with economists polled by Reuters who expected a gain of 160,000, and the unemployment rate was 4.1%, compared with expectations of 4%.

Federal Reserve Chairman Jerome Powell said early Friday that the Fed would take a cautious approach to easing monetary policy, adding that the economy “remains in good shape.”

While gold is a hedge against inflation, rising interest rates could reduce the appeal of non-yielding bullion.

The market is now expecting the Fed to continue cutting interest rates starting in June, with a total of 76 basis points of interest rate cuts over the rest of the year.

Market attention is focused on the upcoming Federal Reserve meeting. In addition, inflation reports and retail sales data will also provide additional guidance for market trends in general and the gold market in particular.

GOLD MARKET ANALYSIS AND COMMENTARY - [March 10 - March 14]

On the daily chart, gold is generally still in the accumulation phase with the positioning conditions tilted towards the upside.
The short-term trend is highlighted by the price channel, while the nearest support is the EMA21 and the technical level of 2,900 USD. At the raw price point of 2,900 USD, it also created significant price increases in the last 2 days of the weekend.

The relative strength index is facing some resistance from the 61 level noted in the previous issue, where once the RSI breaks this level it will continue to head towards the oversold zone which is a signal that will facilitate the possibility of gold price increasing in terms of momentum.

In the coming time, as long as gold remains above 2,900 USD, it will still tend to be bullish in the short term, and the target continues to be the all-time high or higher.

The notable technical price points will be listed as follows.
Support: 2,900 – 2,880 – 2,868 USD
Resistance: 2,929 – 2,942 – 2,956 USD

SELL XAUUSD PRICE 2956 - 2954⚡️
↠↠ Stoploss 2960

→Take Profit 1 2948
↨
→Take Profit 2 2942

BUY XAUUSD PRICE 2877 - 2879⚡️
↠↠ Stoploss 2873

→Take Profit 1 2885
↨
→Take Profit 2 2891

Note

Gold futures in New York crossed $2,900 an ounce, up 0.02% on the day.

Note

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

Note

Gold recovers positively towards 2,902 USD/oz

Note

⚫Gold prices rose due to a weaker US dollar and increased demand for safe-haven assets, as concerns about a US recession grew more evident.

Note

⚫The US increased tariffs on imported steel and aluminum by 25-50%, strongly affecting Canada, Mexico and the global supply chain, increasing demand for safe haven gold.

Note

Gold price drops to $2,912/oz

Note

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

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