XAUUSD: Under pressure to take profits, slowing down
Dear friend, what do you think about the next trend in gold?
In the short term, gold may continue to move sideways, with market expectations focused on the upcoming release of Personal Consumption Expenditures (PCE) report next week, followed by Federal Reserve Chairman Jerome Powell's testimony to Congress in early March. At the time of writing, the price is trading at $2027, up 0.07% for the day and continuing to support an upward trend.
The "buy on dips" trading strategy for gold remains in place as long as significant static support at $2020 is maintained (this is also the last level of support that can catalyze gold prices).
In the short term, gold may continue to move sideways, with market expectations focused on the upcoming release of Personal Consumption Expenditures (PCE) report next week, followed by Federal Reserve Chairman Jerome Powell's testimony to Congress in early March. At the time of writing, the price is trading at $2027, up 0.07% for the day and continuing to support an upward trend.
The "buy on dips" trading strategy for gold remains in place as long as significant static support at $2020 is maintained (this is also the last level of support that can catalyze gold prices).
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