GOLD likely to increase prices sharply

Closing the weekend trading session, world gold price stood at 2,035 USD/ounce, a sharp increase of 22 USD/ounce compared to last week's closing session. For the whole week, gold prices increased by 1.4%. The bulk of gold's gains came on Friday as the precious metal was boosted by safe-haven demand and weakness in the greenback.

In the context that the US Federal Reserve (Fed) continues to maintain its interest rate stance, most opinions believe that the gold market is expected to still face risks. However, gold may benefit when the US Central Bank delays loosening monetary policy. The longer the central bank delays, the greater the risk of policy mistakes. Although gold has struggled since the beginning of the year, this expert is still impressed by the strength of this precious metal.

Comment:

We will pay attention to the 2050 round resistance mark. If next week the gold price trades above this mark, it may continue to increase.
If this resistance level cannot be broken, the gold price will fall back to around the 2005 support mark.

Comment:

SELL XAUUSD PRICE 2051 - 2049⚡️
↠↠ Stoploss 2055

→Take Profit 1 2044
↨
→Take Profit 2 2039

BUY XAUUSD PRICE 2019 - 2021⚡️
↠↠ Stoploss 2015

→Take Profit 1 2026
↨
→Take Profit 2 2031

Comment:

🔹New home sales in the United States rose by 1.5% in January 2024 on a monthly basis to reach 661,000 units, and were higher by 1.8% on an annual basis, according to the US Census Bureau report. The reading was lower than expectations of a rise to 680,000 units.

Comment:

April gold futures have a near-term advantage despite a three-month downtrend on the daily bar chart. Bulls aim to surpass solid resistance at $2,083.20 while bears seek to push prices below technical support at $2,000.00. Immediate resistance lies at $2,053.20 and $2,061.00, while support is found at $2,033.40 and $2,025.00.

Trade active:

Plan SELL + 40pips, close a part move SL to entry.🔥