XAUUSD

We saw a rally on gold price because the global central banks push bond yields down to near zero percent last year. Now, increasing US10Y T Bill yields has still a toxic effect on gold price. Need to observe 1st and 2nd week of March for correction sign. Still lack of incentive to buy it. I am just expecting a small upward movement this week and 5th of March will be critical; unemployment, non-farm payrolls, us federal budget announcement will create volatility and we will have keep an eye on the figures. (a higher than expected figure for non-farm payrolls should be taken as positive/bullish for the USD, which will weaken gold price; or completely contrary movement might happen)

Upward movement: If it breaks 1742$ it may go to 1761$ (50% Retracement From 52 Week High/Low) and 1765$ 1st resistance.

Downward movement: It it breaks 1719$, it may go to 1710$ support and if it breaks it may continue to fall to 1689$ (38.2% Retracement From 52 Week Low)

Trade active:

It broke 1742 and went to 1758$ earlier than I expected.

And it went to test 1-month low 1689.03

Falling rates of covid-19 may trigger unemployment as positive and higher than expected figure for non-farm payrolls & unemployment may weaken gold price and it may test the pivot points below.

Pivot Point 1st Support Point 1687.04
Pivot Point 2nd Support Point 1675.88
Pivot Point 3rd Support Point 1659.25

Comment:

Tested support point 1687.04 on March 5,2020

Still waiting a bearish movement to test support point 1675.88

Comment:

Still moving in the channel. Our forecast was correct, however, price moved around 1% above and below from our estimation points.

You can enjoy fibo channel support and resistance points