GOLDEN MARKET COMMENTARY 20/2/2023

18 feb 2023

Gold prices at the New York Mercantile Exchange fell in the last session of the week of February 17, when traders said that the US Federal Reserve (Fed) would continue to raise interest rates, as inflation fell but remained at a low level. high level. Gold price for delivery in April 2023 fell 1.6 USD, or 0.09%, closing the last session of the week at 1,850.2 USD/ounce.

Previously, gold prices left a one-month low on February 16 when the dollar fell and investors took advantage of the opportunity to buy cheap gold. Spot gold rose 0.4 percent to $1,842.67 an ounce, while U.S. gold futures rose 0.4 percent to $1,851.80 an ounce.

Gold price fell in session 15/2, when the dollar appreciated. Gold price for delivery in April 2023 fell $20.1, or 1.08%, to $1,845.3 per ounce at the close.

On the contrary, the gold price went up in the session on February 14 after the US announced the consumer price index (CPI) in January 2023. Gold price for delivery in April 2023 increased by 1.9 USD (0.1%) and closed at 1,865.4 USD/ounce.

Previously, gold prices went down in the early trading session of February 13, when investors cautiously waited for data on US CPI, which is expected to have a significant impact on the Fed's interest rate strategy. At the end of this session, spot gold fell 0.5% to $1,854.79 an ounce, while US gold futures lost 0.6% to $1,863.50 an ounce.

Trading recommendation:

sell at the price range 1847 1846

Stop loss 1851
Take profit 1: 1840
Take profit 2: 1835
Take profit 3: 1830

buy at 1823 1825

Stop Loss: 1820
Take profit 1: 1835
Take Profit 2:1844
Take profit 3: 1850

Note: Always set TP and SL in all trading cases