Gold Rebounds Amidst USD Weakness
Gold prices rebounded on Monday, February 27, after a sharp pullback last week. The yellow metal benefited from a weaker US dollar and rising geopolitical tensions.
USD Weakness Supports Gold
The US dollar index (DXY) has been under pressure in recent sessions, losing its footing after failing to break above the 105 level. A weaker dollar makes gold more attractive to buyers holding other currencies.
Geopolitical Tensions Boost Safe-Haven Demand
Escalating tensions between Russia and Ukraine continue to weigh on investor sentiment. Gold is often seen as a safe haven asset during periods of geopolitical uncertainty.
Technical Analysis
From a technical perspective, gold has been trading within a range between $1,820 and $1,860 per ounce. A break above $1,860 could trigger a further rally towards $1,900. On the downside, a break below $1,820 could lead to a deeper correction towards $1,790.
Outlook
Analysts expect gold to remain supported in the near term due to ongoing geopolitical tensions and a weaker dollar. However, the direction of gold prices will ultimately depend on developments in Ukraine and the US Federal Reserve’s monetary policy.
Trading Recommendations
Traders could consider buying gold above $1,860, targeting $1,900. A stop-loss order can be placed below $1,820. Alternatively, traders could sell gold below $1,820, targeting $1,790. A stop-loss order can be placed above $1,860.
Disclaimer
This is not investment advice. Always do your own research before investing in any asset.
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