Opportunities open up for gold (Uptrend continues February 27,23

Friday’s United States Core Personal Consumption Expenditures (PCE) Price Index, the US Federal Reserve’s preferred inflation measure, to 4.7% from 4.6% in January when compared to analysts' forecast of 4.3%. The headline PCE Price Index climbed to 5.4% on a yearly basis in January from 5.3% in December. Yet another encouraging US economic release helped strengthen expectations that the Fed interest rates will remain higher for longer, with three more 25 basis points (bps) rate hikes seen in the upcoming meetings this year.

The US Dollar caught a fresh bid wave alongside the US Treasury bond yields and smashed Gold price to seven-week lows at $1,809 on Friday. Hawkish Federal Reserve expectations tend to weigh negatively on the non-yielding Gold price.

Trading recommendation:

Support level: 1,800.30 1,797.45 1,782.90

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

Trading recommendation:

Buy 1809 - 1808

Stop Loss: 1803

Take profit 1: 1823
Take profit 2:1830
Take profit 3: 1835

Sell 1827 - 1831

Stop loss: 1833

Take profit 1: 1823
Take profit 2:1820
Take profit 3: 1810

Note: Always set TP and SL in all trading cases