Gold market commentary on 2/3/2023
Spot gold extended its rally on Wednesday, hitting an intraday high of $1,844.47 a troy ounce. XAU/USD pulled back from the level amid resurgent US Dollar demand following tepid United States macroeconomic figures but holds on to most of its intraday gains. Broad USD weakness ahead of data and the risk-averse ruling environment maintain Gold on the winning side.
Market participants have been moving away from the Greenback these days amid positive news affecting its major rivals coupled with tepid American macroeconomic figures. This Wednesday, the country released the February ISM Manufacturing PMI, which resulted at 47.7, barely improving from the previous 47.4 and missing the expected 48. However, the survey shows that “new order rates remain sluggish due to buyer and supplier disagreements regarding price levels and delivery lead times,” indicating persistent price pressures.
The report triggered a run to safety, which temporarily benefited the USD. At the time being, Wall Street’s indexes trade mixed but off their early highs. Government bond yields, on the other hand, run higher, with the yield on the 10-year Treasury note currently at around 4.0% and the 2-year note yield hovering near a 16-year high of 4.904%.
Support levels: 1,825.90 1,812.20 1,803.00
Resistance levels: 1,848.00 1,863.70 1,877.50
Recommendations for trading gold:
Buy GOLD 1830 - 1829
Stop Loss: 1825
Take profit 1: 1835
Take profit 2:1840
Take profit 3: 1850
Sell GOLD 1845 -1846
Stop Loss: 1850
Take profit 1: 1835
Take profit 2:1830
Take profit 3: 1825
Note: Always set TP and SL in all trading cases
If you have any questions or support, please leave a comment
Market participants have been moving away from the Greenback these days amid positive news affecting its major rivals coupled with tepid American macroeconomic figures. This Wednesday, the country released the February ISM Manufacturing PMI, which resulted at 47.7, barely improving from the previous 47.4 and missing the expected 48. However, the survey shows that “new order rates remain sluggish due to buyer and supplier disagreements regarding price levels and delivery lead times,” indicating persistent price pressures.
The report triggered a run to safety, which temporarily benefited the USD. At the time being, Wall Street’s indexes trade mixed but off their early highs. Government bond yields, on the other hand, run higher, with the yield on the 10-year Treasury note currently at around 4.0% and the 2-year note yield hovering near a 16-year high of 4.904%.
Support levels: 1,825.90 1,812.20 1,803.00
Resistance levels: 1,848.00 1,863.70 1,877.50
Recommendations for trading gold:
Buy GOLD 1830 - 1829
Stop Loss: 1825
Take profit 1: 1835
Take profit 2:1840
Take profit 3: 1850
Sell GOLD 1845 -1846
Stop Loss: 1850
Take profit 1: 1835
Take profit 2:1830
Take profit 3: 1825
Note: Always set TP and SL in all trading cases
If you have any questions or support, please leave a comment
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