Technical My Tips

📊 Safe-haven demand pushes gold higher The gold (XAU) price remained relatively unchanged on Friday but had a weekly gain primarily due to safe-haven inflows amid rising geopolitical uncertainty. 👉 Possible effects for traders Friday's U.S. nonfarm payroll (NFP) report revealed lower-than-expected job growth in February, suggesting that the Federal Reserve (Fed) is on track to cut interest rates this year. The report provided additional support to XAUUSD. However, Jerome Powell, the Fed Chair, said that the central bank would take a cautious approach to monetary policy easing, adding that the economy currently 'continues to be in a good place'. Still, the market continues to price in more than a 50% chance that the Fed will cut the rates by 25 basis points (bps) in June. Lower interest rates increase gold's appeal to investors, reducing the opportunity cost of holding a non-yielding asset. Strong structural demand also supports the gold price. On Friday, the People's Bank of China (PBoC) reported that its gold reserves rose towards 73.61 million fine troy ounces at the end of February, as the central bank kept buying the precious metal for a fourth straight month. 'The PBoC's purchases are an important factor underpinning gold, so a continuation of its buying in February could help to build further strength behind the gold price', said Frank Watson, market analyst at Kinesis Money. XAUUSD was relatively unchanged during the Asian and early European trading sessions. Today's economic calendar is rather uneventful, so the probability of large moves is relatively low. Thus, volatility may remain subdued, keeping XAUUSD in a narrow range. 'Spot gold looks neutral in a range of $2,894 to $2,927 per ounce, and an escape could suggest a direction', said Reuters analyst Wang Tao. Sign Up Now ➡️https://bit.ly/attocta Partner Code ➡️ 3788810

📊 Euro rises on weaker-than-expected NFP data The euro (EUR) gained 0.45% against the U.S. dollar (USD) on Friday after a weaker-than-expected nonfarm payroll (NFP) report damaged the greenback. 👉 Possible effects for traders Last Friday, the U.S. Labor Department report revealed that the U.S. economy added 151,000 jobs in February, lower than the expected 160,000. Meanwhile, the unemployment rate stood at 4.1% compared with the forecasted 4%. The report suggested that the U.S. labour market was cooling, so the Federal Reserve (Fed) may be more willing to cut interest rates in the months ahead. Investors now price in a 53.8% chance that The U.S. central bank will reduce borrowing costs by 25 basis points (bps) in June. At the same time, the chances of a similar cut by the European Central Bank (ECB) currently stand at 52%. The divergence in monetary policy expectations between the ECB and the Fed has narrowed substantially, probably explaining the 5% rally in EURUSD over the past week. EURUSD was rising during the Asian trading session but started to fall during the European trading hours. There are no important events today. Thus, volatility may remain subdued, with EURUSD moving in a narrow range. Still, German Industrial Production and Trade Balance data at 7:00 a.m. UTC may trigger some volatility in the pair. Sign Up Now ➡️https://bit.ly/attocta Partner Code ➡️ 3788810

📊 AUD is under bearish pressure The Australian dollar (AUD) lost 0.41% against the U.S. dollar (USD) on Friday despite a weaker-than-expected U.S. nonfarm payroll (NFP) report. 👉 Possible effects for traders AUD is a very risk-sensitive currency, and its performance is often used as a proxy for investors' sentiments. Currently, escalating concerns regarding potential global recession due to rising trade tariffs highly influence investors' risk appetite. On Sunday, U.S. President Donald Trump refused to predict whether his tariffs on Canada, Mexico, and China, which led to a 1% decline in Nasdaq futures on Monday, would result in a U.S. recession. In addition, China's consumer price index in February was below the forecast. The indicator fell at the sharpest pace in 13 months as seasonal demand faded and households remained cautious about spending amid job and income worries. China is Australia's biggest trading partner, so a slowdown in the Chinese economy would likely weigh heavily on Australian exports. It could further dampen economic growth and exacerbate the depreciation of the AUD, exerting significant downward pressure on AUDUSD. AUDUSD was rising during the Asian and early European trading sessions. Today's macroeconomic calendar is rather uneventful, so volatility will likely remain low, and AUDUSD will continue moving in a narrow range. Still, the Westpac Consumer Sentiment report at 11:30 p.m. UTC will likely trigger some volatility. Only a rise above 0.63900 will invalidate the underlying bearish trend in AUDUSD. Sign Up Now ➡️https://bit.ly/attocta Partner Code ➡️ 3788810

GBPUSD, 15-minute timeframe chart 👉Level explanation GBPUSD has been trading in a sideways market for the last couple of hours 👉Possible scenario The best way to use this opportunity is to place a Sell order at 1.28880. Set your stop loss at 1.29551 above the previous high ($6.71 loss for 0.01 lot) and take profit at 1.28209 ($6.71 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period.

Stay tuned for potential market shifts and trading opportunities with the next week’s events from the financial calendar.

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📊 Gold dips on profit-taking as NFP looms The gold (XAU) price declined by 0.3% on Thursday as U.S. Treasury yields rose and traders took profits on their long positions. 👉 Possible effects for traders 'We are just seeing some mild profit-taking pressure from recent gains; the underlying fundamentals are still bullish... Another thing that's putting some mild pressure on the gold market is a rise in bond yields', said Jim Wyckoff, senior market analyst at Kitco Metals. XAUUSD has increased by more than 10% this year amid geopolitical uncertainties but has been struggling to break above the $2,950 level lately. The simmering global trade war has fueled speculations that the global economy may be destabilised, inflation will surge, and long-term economic growth will be significantly hampered, leading to a protracted period of stagnation. These fears prompt investors to buy safe-haven assets like gold and silver. On Tuesday, the U.S. imposed a 25% tariff on imports from Mexico and Canada and duties on Chinese goods. On Wednesday, however, the White House confirmed it will exempt Canadian and Mexican automakers from tariffs for a month, subject to their compliance with existing free trade rules. At the same time, the Federal Reserve (Fed) is still expected to cut the rates only once this year. Moreover, several Fed officials gave hawkish signals, suggesting that the U.S. central bank will unlikely have enough clarity to move on interest rates before late spring or summer. XAUUSD was falling during the Asian and early European trading sessions. Today's main event is the U.S. nonfarm payroll (NFP) report, influencing the Fed monetary policy expectations. The report at 1:30 p.m. UTC will likely trigger heightened volatility in the Forex market, including gold. The market expects the number of jobs created to increase by around 160,000 in February and hourly earnings to grow by 4.1% annually. If the NFP report is stronger than expected, XAUUSD may pull back noticeably. Weaker-than-expected NFP numbers may give XAUUSD a minor boost. 'Spot gold is biased to break support at $2,894 per ounce and fall into the $2,861 to $2,879 range', said Reuters analyst Wang Tao. Sign Up Now ➡️https://bit.ly/attocta Partner Code ➡️ 3788810

📊 Profit-taking and bond yields pressure euro On Thursday, the euro (EUR) lost 0.06% against the U.S. dollar (USD) as it failed to hold above the critical 1.08500 level.. 👉 Possible effects for traders Despite a drop in the U.S. Dollar Index (DXY), the euro weakened as traders took profit on their long positions after a strong three-day rally. Also, EURUSD failed to hold above an important technical level. In addition, the rout in the German bond market weighed on investors' sentiment. Yields on 10-year bunds continued rising, adding as much as 14 basis points on Thursday and reaching 2.93%, the highest since October 2023. The rate jumped by 30 basis points on Wednesday, the biggest increase since the Berlin Wall fell in November 1989. At the same time, investors are now worried about the potential impact of the Trump administration's tariffs on the U.S. economy. These worries are exerting downward pressure on the U.S. dollar. 'The narrative has shifted on tariffs, which are now viewed as a hindrance to economic growth. The market is starting to see that there are a lot of U.S. companies dependent on exports and imports. If our trade numbers decrease overall, that's probably not good for the economy, which could slow down as a result', said Eugene Epstein, head of trading and structured products of North America at Moneycorp. Overall, EURUSD is caught between two powerful and opposing forces. On one hand, there's the growing anticipation of a potential shift in U.S. monetary policy towards a more dovish stance. This anticipation comes from increasing signals of a slowing U.S. economy, with economic indicators pointing towards weakening growth. On the other hand, this potential weakness of the U.S. dollar is balanced by the challenges the eurozone faces, including concerns about the debt level. Also, the ongoing geopolitical tensions often lead to increased demand for the U.S. dollar as a safe-haven asset, regardless of the Fed's monetary policy. EURUSD was rising during the Asian and early European trading sessions. Today, the main focus is on the U.S. nonfarm payroll (NFP) report at 1:30 p.m. UTC. The data may influence interest rate expectations and investors' sentiment, so we expect sharp price movements in various instruments, including EURUSD. The market expects the number of jobs created to increase by around 160,000 in February and hourly earnings to grow by 4.1% annually. If the NFP report reveals stronger-than-expected results, EURUSD may drop towards 1.07000. Otherwise, EURUSD may rise above 1.08500 on weaker NFP data. Sign Up Now ➡️https://bit.ly/attocta Partner Code ➡️ 3788810