Can we go long on XAUUSD?

Mar 16, 2023

During the Asian session on Thursday, March 16th,

XAUUSD is trading in a range near 11918.34/OZ, while the Swiss regulatory authority has promised to provide liquidity assistance to Credit Suisse, the risk aversion sentiment remains persistent. Moreover, the market's expectations for the European Central Bank to raise interest rates by 50 basis points in the evening have decreased to 25 basis points or even keep the current interest rate unchanged. The market's expectations for the Federal Reserve to maintain interest rates next week have also increased, which is favorable for the future volatility of gold price.

The ECB interest rate decision, news related to the Euro-American banking crisis, changes in initial jobless claims in the United States, and import price indices should be paid attention to on this trading day.
Daily level: volatile rise; MACD golden cross and above the zero axis, the Bollinger Bands are opening up, and the gold price is expected to move up along the upper Bollinger line in the future. There is no obvious resistance level above the short-term reference of 1930 and near the overnight high of 1937.27; further strong resistance is at the high point of January 26th of 1949.06 and near the high point of February 2nd of 1959.57. If it breaks further, it may look towards the level of 2000.

Personal trading strategy: Focus on buying on dips, following the trend, and avoiding the current risk aversion sentiment. Buy near 1910-1915 with a target of 1930-1950. I will update the strategy promptly in the future, please stay tuned.

Mar 16, 2023

Trade active

XAUUSD in profit

Mar 16, 2023

Trade active

TP1 1928

Mar 16, 2023

Trade active

Mar 17, 2023

Trade active

profit again