Gold market assessment on March 1, 2023

The XAU/USD pair is entering a bullish corrective phase, with chances of more sustainable gains depending on a break above $1,841.04, the 23.6% retracement of the $1,959.75/$1,804.70 decline. The next Fibonacci resistance comes at $1,863.70, the 38.2% retracement of the aforementioned slump. Still, the daily chart shows that the 20 Simple Moving Average (SMA) maintains its firmly bearish slope well above the current level, while technical indicators remain within negative levels. At the same time, the 100 and 200 SMAs hold below the critical $1,800 threshold, losing their upward strength.

In the near term, and according to the 4-hour chart, XAU/USD turned modestly bullish. The pair is back above a mildly bearish 20 SMA, and while the longer ones maintain their downward slopes above the current level, persistent upward pressure favor a steeper recovery. Technical indicators, in the meantime, have crossed their midlines into positive territory, maintaining their bullish slopes and hinting at more advances.

Support levels: 1,803.00 1,791.20 1,784.60

Resistance levels: 1,841.10 1,863.70 1,877.50

Trading recommendation:

Buy 1803 -1804

Stop Loss: 1800
Take profit 1: 1810
Take profit 2:1810
Take profit 3: 1820

sell 1830 - 1831

Stop loss 1833
Take profit 1: 1825
Take profit 2: 1820
Take profit 3: 1810

Note: Always set TP and SL in all trading cases
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