Gold (XAUUSD) trading commentary on 3/3/2023

Gold prices lost traction and fell to $1,830 early in the US session on Thursday after having recovered to $1,840 earlier in the day. Yields on the benchmark 10-year US Treasury note rose nearly 2% on the day above 4%, forcing XAU/USD to hold its ground.

From a technical perspective, the overnight swing high around the $1,844 area seems to act as an immediate barrier. Some subsequent buying is likely to lift Gold prices further towards the 50-day Simple Moving Average (SMA), currently pegged around the $1866 area. The latter will act as a pivotal point, which, if unequivocally cleared, sets the stage for a further near-term upside move.

On the flip side, any subsequent drop could now find some support near the $1,822-$1.821 region ahead of $1,810 and weekly lows, around the $1,805-$1.804 area. Closely followed are the $1,800 round mark and the 100-day SMA, currently around the $1,795 region. A convincing break below the aforementioned support levels would be seen as fresh trigger for bearish traders and leave Gold prices vulnerable to further slide.

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
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