Comment on Gold Third March

‼ ️ At the end of yesterday's session, the world gold price had a rebound as expected when from 1707 to 1738 ($ 31) closed the day with a strong bullish candle with the increasing force covering the candle.  the second day of the week decreased.  With this momentum , in my opinion, this momentum will be maintained for today.

Considering on the H4 timeframe, we can see that Gold is currently facing resistance around 1740, and in my opinion, the condition for precious metals to rebound strongly is to overcome the price range.  1740 in the Asian session today.  If you pass this price range, the destination of gold precious metal will be around 1755-1760.

 - The support price zone that pushes the gold price up during the day will be around 1721-1725.  Around this price range we can establish a buy position in my opinion.  Safe target will be around current resistance at 1740 and expectation at 1755-1760. 

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USD: showing tenacity- Money Life Research

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 Global yields have stabilized, paving the way for a large rebound in risk assets, with the S&P500 having its best day in nine months. In terms of foreign exchange, G10 commodity currencies led the way, but the dollar held its ground despite poor demand for low-yielding assets. The Swiss franc remained a big laggard, as markets may have used the opportunity to unwind CHF long positions that had been built up during the pandemic. If risk assets remain supported, the USD/CHF could break above 0.9200. Asian equities have indicated that risk appetite is waning, and stock index futures in Europe and America point to a poor start. Data-wise, it's been a reasonably quiet day after a solid ISM Manufacturing report appeared to back up inflation fears. For the time being, with low-yielders bearing the brunt of any equity rally, the US dollar can prove resilient if risk assets return to positive territory.

USD: Risk assets have recovered their breath

 After a major sell-off last week, the bond market and risk assets are showing signs of stabilization. The dollar's corrective rally should take a breather now that 10-year US Treasury yields have returned to 1.40 percent and Asian equities have stabilized overnight. The price action overnight reflects this, with G10 and emerging market FX generally higher versus the US dollar, with higher beta currencies leading the gains. The emphasis will be on a series of Federal Reserve speakers this week, and whether they express any concern about the UST downturn, as a disorderly UST sell-off remains the key risk for markets. 

Although the decline in cyclical FX was substantial late last week, the overall negative effect on cyclical FX was not overly pronounced in light of the sharp rise in UST yields in February. This is due in part to the reasons for the sell-off, which were more closely related to improving economic conditions than to expectations of monetary policy normalization.

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Check out the news of the past 24 hours

 🌈🌈Good morning!  Have a nice day!

 + Check out the news of the past 24 hours:

1️⃣ Yesterday's main news

 - The Senate will review the stimulus bill this week.

 - Global manufacturing PMI data shows great performance.

 - Fed officials: do not notice the general upward trend of inflation.

 - According to the report, OPEC's February oil output decreased 870,000 barrels / day compared to the previous month.

 2️⃣ Today's notable facts and data

 - The Reserve Bank of Australia will announce its decision on interest rates.  Analysis believes that the Reserve Bank of Australia can react to the country's treasury bond yields.  It also reiterates that the economy is still facing uncertainty and is far from reaching inflation and the hard-to-reach employment target by 2024. Meet the previous rate hike conditions.  In addition, the Reserve Bank of Australia has the ability to confirm an increase in bond purchases to stabilize the 3-year Treasury bond yield at 0.1%.

 In the early hours of Wednesday morning, Fed Governor Brainard and Fed official Daley will deliver a speech.

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