Market Analysis: Downward pressure on XAUUSD and potential
Gold prices briefly fell below the $2,000/oz mark in mid-February due to better-than-expected U.S. manufacturing PMI and NFP data, as well as a stronger U.S. dollar. Although the gold market later partially compensated for its losses thanks to short-term institutional covering and more moderate PCE data, it ultimately fell 0.6% to $2,054.60/oz in February. Silver price trends were similar to gold, ending the month at $22.885/oz, down 1.2%.
technical analysis
Looking at your chart, gold prices have broken below the support line at $2156.8 and have recovered around this price level. Technical analysis shows that there are two potential price directions:
Gold prices may break out of the downtrend and return to the sideways trading range of $2,185-$2,156.
If the price continues to be suppressed by the horizontal line, the current downward channel may be maintained, with the next target price located near $2,124.
Judging from the morphological analysis of the chart, the yellow area you marked ($2167-2151) may be a potential area to consider placing short positions in the future.
Judging from the morphological analysis of the chart, the yellow area you marked ($2167-2151) may be a potential area to consider placing short positions in the future.
Fundamental analysis
Although the market expects the Federal Reserve to keep interest rates unchanged at its March meeting and be in no rush to cut interest rates, Chinese policymakers have emphasized the need to continue to implement proactive fiscal policies to strengthen the country's economic recovery. China's retail sales and industrial production data for February will be released on Monday and may have an impact on market sentiment.
market expectation
In the short term, if the data performs well, it may support gold prices; conversely, if the data performs poorly, gold prices may remain under pressure. In addition, the market will pay close attention to the Federal Reserve meeting and economic data released by China, both of which may trigger price fluctuations.
technical analysis
Looking at your chart, gold prices have broken below the support line at $2156.8 and have recovered around this price level. Technical analysis shows that there are two potential price directions:
Gold prices may break out of the downtrend and return to the sideways trading range of $2,185-$2,156.
If the price continues to be suppressed by the horizontal line, the current downward channel may be maintained, with the next target price located near $2,124.
Judging from the morphological analysis of the chart, the yellow area you marked ($2167-2151) may be a potential area to consider placing short positions in the future.
Judging from the morphological analysis of the chart, the yellow area you marked ($2167-2151) may be a potential area to consider placing short positions in the future.
Fundamental analysis
Although the market expects the Federal Reserve to keep interest rates unchanged at its March meeting and be in no rush to cut interest rates, Chinese policymakers have emphasized the need to continue to implement proactive fiscal policies to strengthen the country's economic recovery. China's retail sales and industrial production data for February will be released on Monday and may have an impact on market sentiment.
market expectation
In the short term, if the data performs well, it may support gold prices; conversely, if the data performs poorly, gold prices may remain under pressure. In addition, the market will pay close attention to the Federal Reserve meeting and economic data released by China, both of which may trigger price fluctuations.