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      XAUUSD: Risk-Aversion Sentiment Eased, Gold's Ascend Stopped

      Commodity
      Summary:

      Gold and silver prices are expected to stay on an upward trend after a short-term consolidation.

      Buy XAUUSD
      End Time
      CLOSED

      1889.77

      ENTRY PRICE

      1915.00

      TGT PRICE

      1865.00

      SL PRICE

      1967.09 +10.85 +0.55%

      1097

      Points

      Profit

      1865.00

      SL PRICE

      1900.74

      CLOSING

      1889.77

      ENTRY PRICE

      1915.00

      TGT PRICE

      Fundamentals

      During Wednesday's (March 15th) Asian session, gold prices shook slightly lower, currently trading near $1900 / ounce. Meanwhile, since the market's risk-aversion sentiment for the Silica Valley Bank (SVB) eased, and the U.S. February core CPI was higher than expected, the market bet on the Fed to raise interest rates by 25 basis points next week. Moreover, the U.S. treasury bond yields rebounded, putting gold prices under pressure. From now on till March 23rd (the Fed resolution) is the silent period of the Fed, the market shall digest and wait for further instructions while gold oscillates significantly. However, the main trading logic is the slowdown or even an early cut of interest rate, while the market is still concerned about the collapse of the SVB, and the Fed is no longer hawkish, coupled with geopolitical tensions, all providing safe-haven support for gold prices. Gold and silver prices are expected to stay on an upward trend after short-term consolidations. 
      Today, try to focus on the US February PPI and retail sales data. Besides, the market believes that PPI will slow down the acceleration and the retail sales will decline MoM. Such an expectation will support gold.

      Technical Analysis

      Regarding the daily chart, gold prices pulled back slightly on Tuesday, but the pullback was small, the technical signals did not change much from the previous session. Furthermore, the MACD shows a golden cross, and the 5-day SMA went up through the 10 and 20-day SMAs to form a golden cross with a widening opening. Before losing the 5-day SMA 1883, gold tends to be bullish in later sessions, and the initial resistance above is near Monday's high of 1915, then will be the resistance at 1920, and the resistance of the January 27th high at around 1935. Before gold surges above 1915, it is better to be careful of the gold's further retracement. The initial support is near the high of February 9th (1890), and then the support will be near the 5-day SMA (1883), with strong support near the 55-day SMA (1870). If the support is lost, further bearish signals will be weakened.
      For gold, it is recommended to buy low and sell high between 1883 to 1915.XAUUSD: Risk-Aversion Sentiment Eased, Gold's Ascend Stopped_1

      Trading Recommendations

      Trading direction: Long
      Entry price: 1850.000
      Target price: 1860.000
      Stop loss: 1915.000
      Support: 1883.000/1870.000
      Resistance: 1915.000/1935.000
      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.

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      Focus on

      WTI, COPPER, XAUUSD

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