Gold Price Forecast: XAU/USD February 28, 2023
Gold price ( XAU/USD ) is showing a sideways auction below $1820.00 during the Asian session. Precious metals are expected to come out of the woods as investors are shifting focus to the US ISM Manufacturing PMI (February), scheduled for Wednesday.
Investors should note that the US Manufacturing PMI has been falling for the past three months in a row. By consensus, economic data is expected to shrink again, however, the scale of contraction will be lower. The US Manufacturing PMI is seen at 48.0, lower than the previous release of 47.4.
Gold technical analysis
Gold price is bidding in a Decline Channel chart pattern where each drawdown is seen as a selling opportunity prior to a reversal move. The precious metal has felt resistance around the $1820.00 level after a minor downside move.
The 20-period exponential moving average (EMA) at $1,815.83 is providing a cushion for Gold bulls.
The Relative Strength Index (RSI) (14) is attempting to move into a 60.00-80.00 bullish range.
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
Investors should note that the US Manufacturing PMI has been falling for the past three months in a row. By consensus, economic data is expected to shrink again, however, the scale of contraction will be lower. The US Manufacturing PMI is seen at 48.0, lower than the previous release of 47.4.
Gold technical analysis
Gold price is bidding in a Decline Channel chart pattern where each drawdown is seen as a selling opportunity prior to a reversal move. The precious metal has felt resistance around the $1820.00 level after a minor downside move.
The 20-period exponential moving average (EMA) at $1,815.83 is providing a cushion for Gold bulls.
The Relative Strength Index (RSI) (14) is attempting to move into a 60.00-80.00 bullish range.
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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