GOLD MARKET ANALYSIS AND COMMENTARY - WEEK 11 - 2024 (March 11 - March 15]
ECONOMIC ANALYSIS
This week, international gold prices have continuously increased sharply, from 2,079 USD/oz to 2,195 USD/oz and closing at 2,178 USD/oz.
The reason why gold prices increased sharply is partly because the US economy created 275,000 jobs in February 2024, higher than the expected level of 198,000 jobs, but there was a significant downward adjustment in the number of jobs. in January 2024 and December 2023. Specifically, the number of jobs in January was adjusted down to 229,000 jobs, compared to the initial estimate of 353,000 jobs. At the same time, the number of jobs in December was revised down to 290,000 jobs, down from the previous estimate of 330,000 jobs. This raises concerns that February's employment data may also be adjusted downward in the next employment data release. What is more worrying is that the unemployment rate in the US still increased sharply in February, increasing to 3.9%, from 3.7% in January.
The US labor market seems to be starting to absorb the blow from the FED's continuous monetary tightening. This causes the market to increase expectations that the FED will start cutting interest rates next June.
Notably, although US inflation still increased slightly more than expected in recent data releases, it has decreased sharply compared to its peak in 2022. In a hearing before the US Congress this week Today, FED Chairman Powell also expressed satisfaction with recent inflation data, but still wants more data to confirm that inflation is approaching the 2% target before the FED begins cutting interest rates. for the first time this year.
Therefore, the February consumer price index (CPI) announced next Tuesday will attract special attention from the market.
If CPI increases stronger than expected, it may reduce expectations that the FED will cut interest rates in June, and at the same time cause gold investors to take profits when gold prices are at a record high. On the contrary, gold prices will increase even more.
Although gold prices are predicted to remain in a strong upward trend in the medium and long term, it should also be noted that gold prices may be sensitive to short-term profit-taking, causing gold prices to adjust before continue to increase.
TECHNICAL ANALYSIS
Technically, on the monthly chart, the gold price is in wave 5 of the Elliott wave model, and according to the extended fibo milestones, the gold price can reach the Target at 2300 (fibo 361.😎 to 2600) respectively. fibo 461.😎. Besides the resistance levels according to the fibonacci expansion, we do not have any further basis to predict where the record high price of gold will be, except waiting for time to answer.
This week, the weekly fluctuation range is up to more than 100, the trading plan for next week will consider selling around the 2300 round resistance mark, buying if the price adjusts to the 2100 resistance mark, accepting stop loss. 5 prices per strategy.
ECONOMIC ANALYSIS
This week, international gold prices have continuously increased sharply, from 2,079 USD/oz to 2,195 USD/oz and closing at 2,178 USD/oz.
The reason why gold prices increased sharply is partly because the US economy created 275,000 jobs in February 2024, higher than the expected level of 198,000 jobs, but there was a significant downward adjustment in the number of jobs. in January 2024 and December 2023. Specifically, the number of jobs in January was adjusted down to 229,000 jobs, compared to the initial estimate of 353,000 jobs. At the same time, the number of jobs in December was revised down to 290,000 jobs, down from the previous estimate of 330,000 jobs. This raises concerns that February's employment data may also be adjusted downward in the next employment data release. What is more worrying is that the unemployment rate in the US still increased sharply in February, increasing to 3.9%, from 3.7% in January.
The US labor market seems to be starting to absorb the blow from the FED's continuous monetary tightening. This causes the market to increase expectations that the FED will start cutting interest rates next June.
Notably, although US inflation still increased slightly more than expected in recent data releases, it has decreased sharply compared to its peak in 2022. In a hearing before the US Congress this week Today, FED Chairman Powell also expressed satisfaction with recent inflation data, but still wants more data to confirm that inflation is approaching the 2% target before the FED begins cutting interest rates. for the first time this year.
Therefore, the February consumer price index (CPI) announced next Tuesday will attract special attention from the market.
If CPI increases stronger than expected, it may reduce expectations that the FED will cut interest rates in June, and at the same time cause gold investors to take profits when gold prices are at a record high. On the contrary, gold prices will increase even more.
Although gold prices are predicted to remain in a strong upward trend in the medium and long term, it should also be noted that gold prices may be sensitive to short-term profit-taking, causing gold prices to adjust before continue to increase.
TECHNICAL ANALYSIS
Technically, on the monthly chart, the gold price is in wave 5 of the Elliott wave model, and according to the extended fibo milestones, the gold price can reach the Target at 2300 (fibo 361.😎 to 2600) respectively. fibo 461.😎. Besides the resistance levels according to the fibonacci expansion, we do not have any further basis to predict where the record high price of gold will be, except waiting for time to answer.
This week, the weekly fluctuation range is up to more than 100, the trading plan for next week will consider selling around the 2300 round resistance mark, buying if the price adjusts to the 2100 resistance mark, accepting stop loss. 5 prices per strategy.
Comment:
🌐PLAN XAUUSD March 12
🔴Sell 2198 - 2200 stop 2206
Buy 2137 - 2135 stop 2131
Breakout + test: 2185 waiting for Buy entry
Breakout + test: 2175 waiting for Sell entry
Resistance: 2200 - 2205 - 2225
Support: 2175, 2163, 2151, 2146, 2137
Scalping strategies will be applied when the above support and resistance zones have entry signals.
Note: Full TP and SL to be safe and win the market‼️
🔴Sell 2198 - 2200 stop 2206
Buy 2137 - 2135 stop 2131
Breakout + test: 2185 waiting for Buy entry
Breakout + test: 2175 waiting for Sell entry
Resistance: 2200 - 2205 - 2225
Support: 2175, 2163, 2151, 2146, 2137
Scalping strategies will be applied when the above support and resistance zones have entry signals.
Note: Full TP and SL to be safe and win the market‼️
Comment:
🌐PLAN XAUUSD March 13
🔴Sell 2168 - 2170 stop 2174
Buy 2136 2134 stop 2131 (scalping)
Buy 2127 2125 stop 2121
Resistance: 2170 - 2181 - 2190
Support: 2145, 2137, 2125
Scalping strategies will be applied when the above support and resistance zones have entry signals.
Note: Full TP and SL to be safe and win the market‼️
🔴Sell 2168 - 2170 stop 2174
Buy 2136 2134 stop 2131 (scalping)
Buy 2127 2125 stop 2121
Resistance: 2170 - 2181 - 2190
Support: 2145, 2137, 2125
Scalping strategies will be applied when the above support and resistance zones have entry signals.
Note: Full TP and SL to be safe and win the market‼️
Trade closed: target reached:
PLAN SELL 2168-2170 Give me and my community 70pips
Trade active:
🌐PLAN XAUUSD March 14
🔴Sell 2198 - 2200 stop 2204
Buy 2136 2134 stop 2130
Buy 2144 2146 stop 2141 (scalping)
Resistance: 2184 - 2192 - 2200 - 2210
Support: 2166, 2157, 2147, 2137
Breakout: 2178 waiting for BUY test point
Breakout: 2172 waiting for SELL test point
Scalping strategies will be applied when the above support and resistance zones have entry signals.
Note: Full TP and SL to be safe and win the market‼️
🔴Sell 2198 - 2200 stop 2204
Buy 2136 2134 stop 2130
Buy 2144 2146 stop 2141 (scalping)
Resistance: 2184 - 2192 - 2200 - 2210
Support: 2166, 2157, 2147, 2137
Breakout: 2178 waiting for BUY test point
Breakout: 2172 waiting for SELL test point
Scalping strategies will be applied when the above support and resistance zones have entry signals.
Note: Full TP and SL to be safe and win the market‼️
Comment:
We have 15 minutes left before the news breaks out. Are you ready to trade news with me?
🔴 SELL Price range 2200$ - 2198$. Stoploss: 2206$
🟢BUY Price range 2157$ - 2155$. Stoploss: 2050$
🟢 BUY Price range 2164$ - 2162$. Stoploss: 2059$ (scalping)
Note:
Resistance zones: $2190 - $2200 - $2205
Support Zones: $2176 - $2165 - $2157 - $2151
Pay attention to full TP and SL to be safe and win the market‼️