Gold Trend Today - Continue to Increase?🔔🔔🔔 Gold news:
👉Gold prices held steady on Thursday as speculation grew that U.S. President Donald Trump might ease some tariffs, particularly those related to automobiles under the USMCA trade agreement. However, uncertainty persists, and XAU/USD remains largely unchanged at $2,919.
👉On the economic front, ADP data showed a significant slowdown in private-sector job growth for February compared to January. Meanwhile, the latest ISM Services PMI indicated continued business expansion. Despite this, concerns over rising inflation linger, as the Prices Paid sub-index surged above 60, signaling that producers are facing higher costs, which could lead to another wave of inflation.
👉As a result, money market traders adjusted their expectations for rate cuts in 2025, pricing in 71.5 basis points of easing, down from 81 bps on Tuesday.
👉On the geopolitical side, a senior aide to Ukraine’s President Zelensky discussed peace efforts with the U.S. National Security Advisor, with both sides agreeing to an upcoming meeting. This development, along with rising U.S. Treasury bond yields, could exert downward pressure on gold prices.
Personal opinion:
👉Gold will have a bounce back to the trend line and then bounce back following the main uptrend
👉Note: prioritize evaluating the latest information on President Trump's tariffs
Analysis:
👉Based on important resistance - support levels combined with trend lines and EMA to come up with a suitable strategy
Plan:
🔆Price Zone Setup:
👉Buy GOLD 2900 – 2903 (European session)
❌SL: 2895 | ✅TP: 2910 – 2916 – 2926
👉Sell GOLD 2953 – 2955
❌SL: 2961 | ✅TP: 2948 – 2942 – 2936
FM wishes you a successful trading day 💰💰💰
