GOLD turning down after a series of "shocking" increases
Updated
FORECAST 
XAUUSD – MARKET PSYCHOLOGY
Retail trading activity shows a net short bias in gold, with the ratio between bearish and bullish positions currently at 1.47:1 as of late Tuesday afternoon.
Overall, bullish bets on precious metals are 9.67% lower than yesterday and 12.80% lower than they were popular a week ago. Meanwhile, bearish bets are down 0.31% from the previous session and 13.15% higher than last week.
Gold prices declined in the context of the latest report showing that the US consumer price index (CPI) increased by 3.2% over the same period last year, higher than experts' forecast of an increase of 3.2%. first%. The core CPI in February increased by 3.8% compared to the expected increase of 3.7%.
In the medium and long term, the Fed will enter a cycle of interest rate cuts and precious metals will be strongly supported. However, gold prices have increased very strongly since the end of 2023 and in the first 2 months of 2024. The possibility of gold prices continuing to skyrocket is no longer highly appreciated.
Recently, many forecasts say that gold will increase in the second half of the year but at a slow pace. Most likely, gold price will reach 2,200 USD/ounce.
In the short term, gold may face selling pressure to take profits. Although optimistic about gold's prospects, investors should be sensitive to the market's current speculative position.
Speculative traders can reverse their positions very quickly if the market begins to turn.
Resistance: 2170 - 2181 - 2190
Support: 2145 - 2137 - 2125
XAUUSD – MARKET PSYCHOLOGYRetail trading activity shows a net short bias in gold, with the ratio between bearish and bullish positions currently at 1.47:1 as of late Tuesday afternoon.
Overall, bullish bets on precious metals are 9.67% lower than yesterday and 12.80% lower than they were popular a week ago. Meanwhile, bearish bets are down 0.31% from the previous session and 13.15% higher than last week.
Gold prices declined in the context of the latest report showing that the US consumer price index (CPI) increased by 3.2% over the same period last year, higher than experts' forecast of an increase of 3.2%. first%. The core CPI in February increased by 3.8% compared to the expected increase of 3.7%.
In the medium and long term, the Fed will enter a cycle of interest rate cuts and precious metals will be strongly supported. However, gold prices have increased very strongly since the end of 2023 and in the first 2 months of 2024. The possibility of gold prices continuing to skyrocket is no longer highly appreciated.
Recently, many forecasts say that gold will increase in the second half of the year but at a slow pace. Most likely, gold price will reach 2,200 USD/ounce.
In the short term, gold may face selling pressure to take profits. Although optimistic about gold's prospects, investors should be sensitive to the market's current speculative position.
Speculative traders can reverse their positions very quickly if the market begins to turn.
Resistance: 2170 - 2181 - 2190
Support: 2145 - 2137 - 2125
Note
SELL XAUUSD PRICE 2171 - 2169⚡️ ↠↠ Stoploss 2175
→Take Profit 1 2164
↨
→Take Profit 2 2159
BUY XAUUSD PRICE 2124 - 2126⚡️
↠↠ Stoploss 2120
→Take Profit 1 2131
↨
→Take Profit 2 2136
Trade active
Plan SELL + 70pips, close a part move SL to entry.🔥Note
At the current price range, even without downward pressure from interest rate issues, gold prices can still cope with downward pressure from investors' need to take profits.Gold price will move into accumulation mode and may remain stable at around 2,100 USD/ounce before breaking through the 2,200 USD/ounce mark by the end of the second quarter of this year.
Note
Note
SELL XAUUSD PRICE 2201 - 2199⚡️ ↠↠ Stoploss 2205
→Take Profit 1 2194
↨
→Take Profit 2 2189
BUY XAUUSD PRICE 2134 - 2136⚡️
↠↠ Stoploss 2130
→Take Profit 1 2141
↨
→Take Profit 2 2146
Note
Gold prices fell sharply after US February PPI data was higher than expected, making the market increasingly concerned that inflation in the US may continue and affect interest rate cuts. Fed rates.Note
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.
Note
SELL GOLD 2165 - 2167↠ Stoploss 2171
→ Take Profit 1 2155
→ Take Profit 2 2145
Trade active
+ 55pips, close a part move SL to entry.🔥Trade active
+ 100pips 🔽🔽🔽Note
Gold prices fell because investors lowered expectations that the US Federal Reserve (Fed) would cut interest rates after recent reports showed price pressure increasing stronger than expected. Data released this week showed that consumer prices in the US in February rose higher than expected and producer prices also showed that inflation is persistent.Precious metals will still be under pressure to take profits when next week the US Federal Reserve (Fed) will hold its March meeting on March 19-20. There is a high possibility that the Fed cannot lower operating interest rates this year when inflation is persistent and difficult to reduce. Meanwhile, spending and consumption demand remains strong. This will cause the USD to be supported, while gold will fall further.
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