Hello :)
Based on my analysis Gold price retreats after reaching 50-day Simple Moving Average , mixed sentiment prevails
• Gold price pulled back after reaching the 50-day Simple Moving Average (SMA) at $2,033.67 during the European session, currently down by 0.40% due to a decline in the value of the US Dollar (USD).
• The drop in gold prices is also attributed to an increase in the US 10-year Treasury yield and reduced expectations of a dovish stance from the US Federal Reserve (Fed).
• Although sentiment remains mixed, there is a slight negative bias favoring the US Dollar, with speculators pricing out the possibility of a rate cut by the Fed in March and May.
• Gold price continues in an uptrend according to the H1 Frame, with potential resistance areas to watch for in the rising wave.
Long term trade:
Buy @ 2042
TP 1: 2046
TP 2: 2056
TP 3: 2060
SL : 2030
Based on my analysis Gold price retreats after reaching 50-day Simple Moving Average , mixed sentiment prevails
• Gold price pulled back after reaching the 50-day Simple Moving Average (SMA) at $2,033.67 during the European session, currently down by 0.40% due to a decline in the value of the US Dollar (USD).
• The drop in gold prices is also attributed to an increase in the US 10-year Treasury yield and reduced expectations of a dovish stance from the US Federal Reserve (Fed).
• Although sentiment remains mixed, there is a slight negative bias favoring the US Dollar, with speculators pricing out the possibility of a rate cut by the Fed in March and May.
• Gold price continues in an uptrend according to the H1 Frame, with potential resistance areas to watch for in the rising wave.
Long term trade:
Buy @ 2042
TP 1: 2046
TP 2: 2056
TP 3: 2060
SL : 2030