XAUUSD: 22/3 Today’s Analysis and Strategy

Gold continued to fall sharply on Friday, currently at $2,166. Gold prices fell back on Thursday. After Federal Reserve Chairman Powell hinted on Wednesday that he would cut interest rates three times in 2024, spot gold gained additional momentum, once reaching a record high of $2,222. But gold prices gave up gains as the dollar index rebounded as the number of U.S. jobless claims unexpectedly fell last week and existing home sales increased by the most in a year in February, signs that the economy remains solid in the first quarter.

Supported by strong economic data, the U.S. dollar index rose 0.58% on Thursday, recovering all of Wednesday's losses and closing at 104.02, the highest closing price in March. The Swiss National Bank unexpectedly cut interest rates and the Bank of England issued a dovish signal, which also gave the U.S. dollar a boost on Thursday. Indexes provide upward momentum.

Next week's unemployment claims data will provide more clues about the health of the labor market in March. Thursday's report showed that the number of so-called continuing claims rose by 4,000 to 1.807 million in the week ended March 9.

Gold technical analysis
Daily resistance is 2250, support below is 2145
Four-hour resistance is 2178, support below is 2146

Gold operation suggestions:
From the daily level and the current four-hour perspective, for gold, we focus on the suppression of 2200 at the top, and the short-term support at 2146 at the bottom. In terms of operation, we first treat it in a range, wait patiently for the market to adjust fully, then enter the market, and the market will call back to around 2150. A radical plan It is to enter the market to go long, but if the market falls below the 2146 mark, the long position will be over (based on the daily closing price). After it falls below, we can follow the trend and enter the market with short orders.

SELL: around 2145
SELL: around 2178
BUY: around 2150

Trade active

Trade active:

1-hour level bounces back over $10

Trade active:

Free strategy in the morning. My opinion today is that it will rise first and then fall. I hope someone will follow my strategy.

Trade active:

It rises first and then falls. Pay attention to the support at 2162/2158 below. Gold may be supported, and of course it is also the target of the decline.

Trade closed: target reached:

We are almost close to the target point I just mentioned, and we have already made a profit of 140pips.

Trade active:

Reached near the second target 2158 +200pips