Gold price coils further

Updated

XAUUSD Analysis and Chart
- Gold trading on either side of $2,165/oz. but a break may be near.

The latest US PPI data – wholesale inflation - came in above market expectations, and last month’s print, but the dollar and US rate cut forecasts, remain little changed. US Retail Sales in February picked up, turning positive, but again missed market forecasts.

With the greenback barely moving, gold has found it difficult to make a move, one way or the other. This period of consolidation is starting to look like a new bullish pennant formation, although it will need another couple of candles to see if this plays out. If this pattern is formed, gold is likely to push further ahead and make a fresh record high. Support is seen at $2,148/oz. ahead of $2,128/oz.

Retail trader data show 40.95% of traders are net-long with the ratio of traders short to long at 1.44 to 1.The number of traders net-long is 1.53% higher than yesterday and 2.21% lower than last week, while the number of traders net-short is 1.91% higher than yesterday and 6.62% higher than last week.

On the weekly timeframe, XAUUSD is holding the ascending channel and approaching the resistance zone at 2280, which coincides with the channel's upper limit and the 100% Fibonacci extension. If XAUUSD sustains above the 2070 support zone, further upside to the 2280 Resistance Zone is possible.

Conversely, a break below the 2070 support could prompt a further decline towards the 1950 support, coinciding with the lower boundary of the channel.

Resistance: 2170 - 2175 - 2185
Support: 2146 - 2135 - 2125

GOLD stopped its decline and rebounded strongly again

Note

SELL GOLD 2165 - 2167

↠ Stoploss 2171

→ Take Profit 1 2155
→ Take Profit 2 2145

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Note

GOLD had its first weekly decline in 4 weeks

Note

Last week, world gold prices were under pressure from US economic information published in February that was more positive than the previous month. Specifically, retail sales, industrial output, and initial unemployment claims were all more positive than last month and forecast.

Note

📌Technically, on the D1 technical analysis chart, the price is starting to show signs of a correction, and this correction may find its way back to the support area of 2090-2100, around the 50 Fib mark of the Fib Retracement, also around moving average EMA34 D1.
The trading plan for next week will consider selling around 2200, buying around 2090.

Note

Gold prices fell this week, but managed to hold above support at $2,150. Bulls must actively protect this technical zone to prevent an escalation of selling pressure; failure to do so may trigger a pullback towards $2,085. In case of further weakness, the spotlight will be on $2,065.

On the flip side, if buyers regain decisive control of the market and spark a bullish reversal from the metal’s current position, the first obstacle lies at the record peak established earlier this month at $2,195. Further upward movement will draw attention to trendline resistance near $2,205.

Note

SELL XAUUSD PRICE 2166 - 2164⚡️
↠↠ Stoploss 2170

→Take Profit 1 2159
↨
→Take Profit 2 2154

BUY XAUUSD PRICE 2134 - 2136⚡️
↠↠ Stoploss 2130

→Take Profit 1 2141
↨
→Take Profit 2 2146

Note

Gold has been under pressure this week due to the US dollars rebound, although the precious metal remains near a multi-decade high. Technical analysts will be closely watching a Bullish Pennant formation that is nearly complete. The next few days will see if this pattern plays out.

Note

Gold prices stabilized on Monday after a weak performance last week. The prices rebounded from support at around $2,150 and could potentially face resistance at the trendline of $2,175. If this resistance is overcome, attention will shift to the all-time high of $2,195.

If bears regain control of the market, the first technical floor to watch for a pullback is $2,150. Bulls need to defend this zone to prevent further selling pressure. Failure to do so could lead to a drop towards $2,085, with potential losses shifting focus to $2,065.

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