GOLD MARKET ANALYSIS AND COMMENTARY - [March 04 - March 08]

This week, international gold prices rose sharply from 2,024 USD/oz to 2,088 USD/oz and closed at 2,083 USD/oz. The increase is attributed to seasonal factors and the expectation that the FED will cut interest rates soon.

Next week, two factors that could significantly affect gold prices are the testimony of FED Chairman Jerome Powell before Congress on Wednesday and Thursday, and the release of the US February nonfarm payrolls report on Friday.

US NFP in February is forecasted to reach 190,000 jobs, a decrease from the previous period's 353,000 jobs. High interest rates have hindered business expansion and caused a reduction in operations. This may prompt the FED to consider cutting interest rates to support the labor market and the US economy, which could lead to higher gold prices. Conversely, if NFP exceeds expectations, the FED may delay interest rate cuts, potentially affecting gold prices negatively.

Comment:

Comment:

Traders should watch the upcoming February U.S. jobs data for insights into the market's direction. Strong job numbers would decrease chances of rate cuts and could lower gold prices. However, if job figures disappoint, interest rate expectations may become more dovish, benefiting precious metals.

Comment:

SELL XAUUSD PRICE 2101 - 2099⚡️
↠↠ Stoploss 2105

→Take Profit 1 2094
↨
→Take Profit 2 2089

BUY XAUUSD PRICE 2057 - 2059⚡️
↠↠ Stoploss 2053

→Take Profit 1 2064
↨
→Take Profit 2 2069

Trade active:

Plan SELL + 30pips, close a part move SL to entry.🔥

Comment:

🟥AN UPCOMING SPEECH BY THE FEDERAL RESERVE CHAIRMAN THIS WEEK.. STAY TUNED FOR IMPORTANT SIGNALS REGARDING INTEREST RATES!

Comment:

SELL XAUUSD PRICE 2151 - 2149⚡️
↠↠ Stoploss 2155

→Take Profit 1 2144
↨
→Take Profit 2 2139

BUY XAUUSD PRICE 2084 - 2086⚡️
↠↠ Stoploss 2080

→Take Profit 1 2091
↨
→Take Profit 2 2096

Comment:

🚫The US now has an 85% chance of recession in 2024, the highest probability since the Great Financial Crisis, economist David Rosenberg has said.

Comment:

The daily gold chart remains positive with a prior level of resistance at $2,081/oz. now turning into support. Before that, the $2,114/oz level may act as a buffer after closing there on Monday and opening there on Tuesday. The CCI indicator at the bottom of the chart does show gold to be extremely overbought although this reading is starting to move lower. There may be a short period of consolidation ahead but overall the path of least resistance for gold is higher.