Gold market commentary ( XAUUSD ) February 24, 2023

Spot gold remains on the back foot, with XAU/USD bottoming this Thursday at $1,817.42 a troy ounce. The US Dollar maintained its momentum throughout the day, pausing temporarily during European trading hours but resuming its advance after the US opening. Mixed American data ended up weighing on stock markets, as the annualized economic growth suffered a downward revision. The second estimate of the Q4 Gross Domestic Product grew by 2.7%, below the 2.9% initially calculated. On a positive note, Initial Jobless Claims for the week ended February 17 declined to 192K vs the increase of 200K expected.

More relevantly, Q4 Personal Consumption Expenditure Prices came in higher than anticipated. The headline figure rose 3.7% QoQ, while the core reading came in at 4.3% against the 3.9% gain from the third quarter of 2022, which are bad news for those still betting on a Federal Reserve monetary policy pivot.

Support levels: 1,811.30 1,797.45 1,782.90

Resistance levels: 1,834.00 1,845.99 1,860.00

Trading recommendation:

Buy 1820 - 1818

Stop Loss: 1815

Take profit 1: 1830
Take Profit 2:1835
Take profit 3: 1840

sell 1843 - 1845

Stop loss 1858

Take profit 1: 1840
Take profit 2: 1835
Take profit 3: 1830

Note: Always set TP and SL in all trading cases