GOLD MARKET ANALYSIS AND COMMENTARY - [March 03 - March 07]

قبل ٧ أيام

XAUUSD this week were under pressure to take profits. After opening this week at 2,934 USD/oz, gold prices rose to 2,956 USD/oz, but then continuously dropped to 2,832 USD/oz and closed the week at 2,858 USD/oz. Thus, gold prices this week dropped sharply after 8 consecutive weeks of increases.

The reason why gold prices dropped sharply this week is because the USD continued to increase strongly compared to many other major currencies. Market sentiment changed slightly after the US announced the Personal Consumption Expenditure Index (PCE) for January 2025. Accordingly, PCE increased by 2.5% over the same period last year, thus down from 2.6% in December 2024 and in line with market expectations. Meanwhile, core PCE, excluding fluctuating food and energy prices, also increased 2.6% year-on-year, but down from 2.9% in December 2024 and in line with forecasts.

Notably, in the recent meeting, US President Donald Trump and Ukrainian President Volodymyr Zelensky had many disagreements and could not reach any agreement to contribute to an early end to the war between Russia and Ukraine. This is a factor that may increase gold's role as a haven, but it is unlikely to push gold prices up sharply next week, perhaps just a slight recovery before adjusting again.

There will be a lot of data released next week, but the US February non-farm payrolls (NFP) report will be of particular interest to investors. According to forecasts, NFP is expected to reach 156,000 jobs, compared to 143,000 jobs in January. If NFP reaches the forecast level, it will not affect the Fed's interest rate policy direction, unless NFP increases far beyond the threshold of 200,000 jobs. Therefore, NFP news is likely to have little impact on gold prices next week.

In addition, investors will also pay attention to the European Central Bank's (ECB) monetary policy decision, which could have an impact on gold prices next week. The ECB is expected to cut interest rates again next week, which could partially support the USD, thereby negatively impacting gold prices next week.

🕹SOME DATA THAT MAY AFFECT GOLD PRICES NEXT WEEK:
Next week, the market will focus on jobs data, with the US February non-farm payrolls report released on Friday morning.
Other key economic events include the Eurozone FMCG and US ISM manufacturing PMI on Monday, the ADP jobs report and US ISM services PMI on Wednesday, and weekly unemployment data on Thursday.
The other big event of the week is the European Central Bank's (ECB) monetary policy decision on Thursday, with many experts expecting the ECB to make another interest rate cut.

📌Technically, gold prices next week may continue to adjust, with the level of 2,790 USD/oz being an important support level. If next week's gold price stays above this level, it will increase slightly to 2,900 USD/oz. On the contrary, if gold prices fall below 2,790 USD/oz next week, there is a risk of a deeper correction.

Notable technical levels are listed below.
Support: 2,814 – 2,835USD
Resistance: 2,900 – 2,868USD

SELL XAUUSD PRICE 2951 - 2949⚡️
↠↠ Stoploss 2955

BUY XAUUSD PRICE 2739 - 2741⚡️
↠↠ Stoploss 2735

قبل ٦ أيام

ملاحظة

قبل ٦ أيام

ملاحظة

▫️ Spot gold prices fell below $2,860 an ounce at one point, with intraday gains narrowing to 0.1%.

قبل ٥ أيام

ملاحظة

♦️ Spot gold prices are above $2,900 an ounce, reaching a three-day high.

قبل ٤ أيام

ملاحظة

🔴The US dollar index DXY is up nearly 20 points in the short term and is currently at 106.37.

قبل ٤ أيام

ملاحظة

🔴Spot gold price fell $8 in the short term, falling below $2,907 an ounce, down 0.33% on the day.