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
If you have any questions or support, please leave a comment
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
If you have any questions or support, please leave a comment
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.