Gold is oversold, Buy Gold and wait for recovery- XAUUSD 2/27
World precious metals continue to be pressured by the strength of the USD. At dawn this morning, the US Dollar Index ( DXY ) measuring the volatility of the greenback with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) increased sharply by 0.63% to surpass 105 points. .
In its gold outlook for March, Bloomberg Intelligence said that the best factor helping gold reach $2,000 an ounce this year is when the US economy falls into a recession. This is the most likely scenario because the US Federal Reserve (Fed) is still very aggressive.
While recent data releases show surprising strength in the economy, they aren't enough to convince analysts to immediately rule out a recession.
Markets fear higher interest rates for longer and the Fed returns to 50 basis points gains as the job market stabilizes, inflation persists, retail sales and earnings management index data shows buying (PMI) strong in January.
RSI is fluctuating in the oversold zone, predicting a rally for Gold price next week.
Trading plan:
BUY XAUUSD soup price range: 1807 - 1810 VND
Stoploss : 1800
Take Profit : 1820
Take Profit : 1825
Take Profit : 1830
Note : TP, SL full to be safe and win the market !
In its gold outlook for March, Bloomberg Intelligence said that the best factor helping gold reach $2,000 an ounce this year is when the US economy falls into a recession. This is the most likely scenario because the US Federal Reserve (Fed) is still very aggressive.
While recent data releases show surprising strength in the economy, they aren't enough to convince analysts to immediately rule out a recession.
Markets fear higher interest rates for longer and the Fed returns to 50 basis points gains as the job market stabilizes, inflation persists, retail sales and earnings management index data shows buying (PMI) strong in January.
RSI is fluctuating in the oversold zone, predicting a rally for Gold price next week.
Trading plan:
BUY XAUUSD soup price range: 1807 - 1810 VND
Stoploss : 1800
Take Profit : 1820
Take Profit : 1825
Take Profit : 1830
Note : TP, SL full to be safe and win the market !
Comment:
XAUUSD CLOSE PROFIT + 90Pips ✅ ✅ ✅ according to buy strategy 1808 - 1809
