Gold winded in February while in March jumped

Gold winded in February by strong US data while in March jumped by a Bank collapse

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Gold shed 5.2% in February, as surprisingly strong US economic data propelled both yields and the US dollar higher


Global gold ETFs suffered more losses led by European funds while North American funds saw small outflows for the first time in two months. Recent futures positioning remains unavailable following issues with the data.

from the first of March GOLD jumped about 8.0% till now, and the reason is the collapse of the banking


2023 case for gold intact

Surprisingly strong US economic data has driven a rebound in the dollar and bond yields. Markets seem to be taking the data at face value with fears that more aggressive monetary policy is needed to tame inflationary pressures

Whilst this looks bad for risk assets and gold, which promptly reversed their respective four-month trends there are compelling arguments for why January data is no more than a blip and the prospect of an economic slowdown remains on the table


Though not without risks, a good case for gold remains in place for 2023 driven by: elevated geopolitical risk; a developed market economic slowdown; a peak in interest rates, and risks to equity valuations. In addition, continued central bank buying can’t be ruled out.

technically:

the price will do a retest till 1935 and then will push up again,
but any closing daily candle under 1931 then will support the price to get 1897

so stabilizing above 1977 will touch 2035


pivot price: 1958
resistance price: 1982 & 2035 &
support price: 1935 & 1897