Gold (XAUUSD) trading commentary on February 28, 2023
Spot gold fell on Monday to $1,806.50/troy ounce, a new 2023 low. However, the US Dollar lost its positive momentum during European trading hours, helping XAU/USD bounce The current $1,819.00 price zone. The greenback's strength in the weekly open was the result of Friday's rally, the latter of which was triggered by higher-than-anticipated inflation figures.
The XAU/USD pair maintains modest gains on the day, although it has lower highs and lower lows compared to Friday, which maintains the bearish bias. Technical indicators in the daily chart lack directional strength but are in negative territory, in line with the mainstream downtrend. At the same time, the 20 Simple Moving Average (SMA) picked up bearish momentum above current levels, reflecting the strength of sellers. Finally, the 100 SMA has lost its bullish slope and is now hovering around $1791.20, providing dynamic support.
In the short term and according to the 4-hour chart, the risks are clearly tilted to the downside. XAU/USD has met with intraday sellers around the firmly bearish 20 SMA, while the longer moving averages are strongly southerly above it. At the same time, the Momentum indicator stands directionlessly just below its 100 line, but the Relative Strength Index (RSI) indicator has continued to decline, heading south at around 40.
Support level: 1,806.50 1,791.20 1,784.60
Resistances: 1,821.60 1,834.00 1,845.99
Trading recommendation:
Buy soup at the price range 1796 1797
Stop Loss: 1794
Take profit 1: 1806
Take profit 2:1810
Take profit 3: 1820
Canh sell at the price range 1825 1824
Stop loss 1827
Take profit 1: 1810
Take profit 2: 1807
Take profit 3: 1800
Note: Always set TP and SL in all trading cases
If you have any questions or support, please leave a comment
The XAU/USD pair maintains modest gains on the day, although it has lower highs and lower lows compared to Friday, which maintains the bearish bias. Technical indicators in the daily chart lack directional strength but are in negative territory, in line with the mainstream downtrend. At the same time, the 20 Simple Moving Average (SMA) picked up bearish momentum above current levels, reflecting the strength of sellers. Finally, the 100 SMA has lost its bullish slope and is now hovering around $1791.20, providing dynamic support.
In the short term and according to the 4-hour chart, the risks are clearly tilted to the downside. XAU/USD has met with intraday sellers around the firmly bearish 20 SMA, while the longer moving averages are strongly southerly above it. At the same time, the Momentum indicator stands directionlessly just below its 100 line, but the Relative Strength Index (RSI) indicator has continued to decline, heading south at around 40.
Support level: 1,806.50 1,791.20 1,784.60
Resistances: 1,821.60 1,834.00 1,845.99
Trading recommendation:
Buy soup at the price range 1796 1797
Stop Loss: 1794
Take profit 1: 1806
Take profit 2:1810
Take profit 3: 1820
Canh sell at the price range 1825 1824
Stop loss 1827
Take profit 1: 1810
Take profit 2: 1807
Take profit 3: 1800
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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