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      XAUUSD: Risk Aversion Adds to Bulls Morale

      Commodity
      Summary:

      Beware of a gold retracement due to the weakening of the ascend.

      Sell XAUUSD
      End Time
      CLOSED

      1920.00

      ENTRY PRICE

      1880.00

      TGT PRICE

      1955.00

      SL PRICE

      1967.27 +11.03 +0.56%

      3500

      Points

      Loss

      1880.00

      TGT PRICE

      1955.04

      CLOSING

      1920.00

      ENTRY PRICE

      1955.00

      SL PRICE

      Fundamentals

      During Thursday's (March 16th) Asian session, the gold widely oscillated, currently trading near $1916/ounce. Credit Suisse faced other issues right after the ease of risk-aversion of the Silicon Valley Bank (SVB). Although the Swiss regulator promised to provide liquidity assistance to Credit Suisse, risk-aversion sentiment is still lingering, and the market expectation of the ECB to raise 50 bps in the evening session has dropped to 25 bps instead, or even to maintain the current interest rate, while the market heats the expectations for the Fed to keep interest rates unchanged next week, which will support gold to appreciate with oscillation later.
      The focus of today will be US February PPI data and retail sales data. As the market expects slower growth in PPI, and a decline in retail sales data MoM, the gold price will gain some upward momentum.

      Technical Analysis

      Regarding the daily chart, gold oscillated upward. Besides, MACD formed a golden cross and broke through the 0-axis, indicating a possible continuous appreciation for gold prices. Furthermore, the initial reference will be at 1930 and the high of last evening near 1937, with further strong resistance near 1949 (the high of January 26th) and 1960 (the high of February 2nd). If gold appreciates further, it may reach 2000.  Nevertheless, KDJ is approaching an oversold signal. Yesterday, gold fell from highs, forming a long-upper shadow and a long-lower shadow, revealing a balanced bulls/bears. Furthermore, a doji star showed up today, and it is better to be worried that gold may descend from high or oscillate at high. Also, the initial support below is near the 5-day SMA (1904), with the support of the high on February 9th near 1890. If the support is lost, the further bullish signal will be weakened. 1880 will be the reference for further support. 
      For gold, it is recommended to buy low and sell high shortly between 1890-1950. XAUUSD: Risk Aversion Adds to Bulls Morale_1

      Trading Recommendations

      Trading direction: Short
      Entry price: 1920.000
      Target price: 1880.000
      Stop loss: 1955.000
      Support: 1900.000/1890.000
      Resistance: 1937.000/1960.000
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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      Focus on macroeconomic analysis with extra attention to the geopolitical impact on financial markets.

      Rank

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      Articles

      233

      Win Rate

      62.77%

      P/L Ratio

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      Focus on

      WTI, COPPER, XAUUSD

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