3.5 Technical analysis of short-term gold operations

4 Mar

On the first trading day of March, the US dollar index fell sharply. Data released by ISM showed that the US ISM manufacturing index in February was 50.3, lower than the expected 50.8, and the previous value in January was 50.9. 50 is the dividing line between prosperity and recession. Although the ISM manufacturing PMI continued to expand in January, the amplitude was small and tended to stagnate. Both new orders and employment shrank. At the same time, the material purchasing price index soared to the highest level since June 2022. After the data was released, the US dollar index fell further.

Gold rebounded sharply, challenging the 10-day moving average. The 5-day and 10-day moving averages still showed a dead cross. The daily RSI rebounded and reached the key pressure zone of 2900-10 in 4 hours. The short-term trend turned to bullish, but it was still not a strong bull market. You can wait for the opportunity to stabilize and go long near 2875.

4 Mar

İşlem aktif

Focus this week:

U.S. unemployment rate in February
4.00%
4.00%
Not announced
Not announced

U.S. seasonally adjusted non-farm payrolls in February (10,000 people)

4 Mar

İşlem kapandı: hedefe ulaştı