GOLD continue to rise, breaking all records

Chairman of the US Federal Reserve (Fed) Jerome Powell gave his first speech in two days of testimony before the US Congress on March 6-7. He continued to affirm that the Fed will consider adjusting interest rates at any time. Interest rates will begin to decrease this year, but it is still unknown when. Because this agency is still concerned about the risks caused by inflation, it does not want to loosen policy too early.

The USD saw a sell-off and US bond yields fell slightly after Mr. Powell's remarks, supporting a spike in gold prices.

In a recent note, there is a 25% probability of gold reaching a record level of 2,300 USD/ounce in the second half of the year. The basic outlook they forecast for gold prices is still 2,150 USD/ounce, and also believes that gold will likely climb to 3,000 USD/ounce in the next 12-16 months. Gold acts as an "anti-recession hedge" in developed markets and is increasingly seeing positive impacts from the instability surrounding the US election next November. Very optimistic about the prospect of a breakthrough in gold prices. In the short term, gold prices may increase by several hundred USD. In the long term, in the next 1-2 years, the price could reach 2,700 - 2,800 USD/ounce.

Comment:

Fed's Powell: We must be prepared to be surprised by the next chapter in the economy.

Comment:

SELL XAUUSD PRICE 2181 - 2179⚡️
↠↠ Stoploss 2185

→Take Profit 1 2174
↨
→Take Profit 2 2169

BUY XAUUSD PRICE 2099 - 2101⚡️
↠↠ Stoploss 2095

→Take Profit 1 2106
↨
→Take Profit 2 2111

Comment:

One beneficiary of recent US dollar weakness is gold, with the precious metal posting a fresh all-time high earlier today. Gold has rallied by nearly 9% since the February 14th low and looks set to move higher in the weeks ahead although a heavily overbought CCI reading may see the precious metal consolidate recent gains before pushing further ahead.

Comment:

Plan SELL + 70pips🔽🔽🔽

Comment:

The price of gold continues to rise to a new peak despite February employment data in the US being quite positive compared to forecasts.

Comment:

The price of gold continues to rise to a new peak despite February employment data in the US being quite positive compared to forecasts. Domestic gold also follows the world trend.

Comment:

Investors should stay calm and not rush into the gold "fever" because there are many potential risks. The long-term outlook for gold remains positive. However, when world gold prices increase at a very rapid pace and are at an all-time record peak like today, the pressure to take profits may increase again. According to technical signals, gold is in an overbought condition. This also means that there is a possibility of turning down if profit-taking activities are strong.