Gold price is making headway for another run higher on Friday, having stalled its recovery mode a day before. Gold price is set for the first weekly gain in five weeks, as the United States Dollar (USD) has paused its uptrend ahead of the high-impact United States Services PMI data.
Gold price is back in the green on the final trading day, with the renewed upside likely due to a retreat in the US Dollar alongside the US Treasury bond yields across the curve. Investors weigh the prospects of more US Federal Reserve (Fed) rate hikes, in the face of increasing worries over a ‘soft-landing’ amidst a mixed slew of economic data releases from the United States.
Hot inflation in the Eurozone and the US pushed global yields higher, sending the US Treasury yields to multi-month highs in tandem, which limited the upside in the Gold price. However, the benchmark 10-year US Treasury bond yields have pulled back from four-month highs, motivating Gold bulls once again.
Attention now turns toward the US ISM Services PMI data for February due later in the North American session for a fresh take on the Fed expectations, especially after Atlanta Fed President Raphael Bostic said that "slow and steady is going to be the appropriate course of action," which took the wind out of the US Dollar rebound.
The headline US Services PMI is seen easing to 54.5 vs. 55.2 previous. Meanwhile, the ISM Services Prices Paid (Feb) is likely to drop sharply to 64.5, compared to 67.8 reported previously.
Support Level: 1,825.90 1,812.20 1,803.00
Resistance: 1,848.00 1,863.70 1,877.50
Recommendations for trading gold:
Buy 1824 - 1826
Stop Loss: 1821
Take profit 1: 1835
Take profit 2:1840
Take profit 3: 1850
Sell 1848 -1849
Stop Loss: 1851
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
Gold price is back in the green on the final trading day, with the renewed upside likely due to a retreat in the US Dollar alongside the US Treasury bond yields across the curve. Investors weigh the prospects of more US Federal Reserve (Fed) rate hikes, in the face of increasing worries over a ‘soft-landing’ amidst a mixed slew of economic data releases from the United States.
Hot inflation in the Eurozone and the US pushed global yields higher, sending the US Treasury yields to multi-month highs in tandem, which limited the upside in the Gold price. However, the benchmark 10-year US Treasury bond yields have pulled back from four-month highs, motivating Gold bulls once again.
Attention now turns toward the US ISM Services PMI data for February due later in the North American session for a fresh take on the Fed expectations, especially after Atlanta Fed President Raphael Bostic said that "slow and steady is going to be the appropriate course of action," which took the wind out of the US Dollar rebound.
The headline US Services PMI is seen easing to 54.5 vs. 55.2 previous. Meanwhile, the ISM Services Prices Paid (Feb) is likely to drop sharply to 64.5, compared to 67.8 reported previously.
Support Level: 1,825.90 1,812.20 1,803.00
Resistance: 1,848.00 1,863.70 1,877.50
Recommendations for trading gold:
Buy 1824 - 1826
Stop Loss: 1821
Take profit 1: 1835
Take profit 2:1840
Take profit 3: 1850
Sell 1848 -1849
Stop Loss: 1851
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
