Gold Daily Analysis : 09 March 2021

The daily analysis of gold on March 9, 2021 will discuss the movement of gold prices in trading on Monday last year finally closed downwards, even though in the Asian session the gold price movement had tried to rebound from its lowest level. The decline in gold was due to the strengthening of the US Dollar and the rise in US bond yields. For today's market movement, Tuesday (March 09, 2021), Gold is predicted to still decline because the US Dollar is still strengthening. Gold will rebound and start rising, if US bond yields start to decline. Meanwhile, the US dollar still has a chance to strengthen compared to other major currencies. On the Asian session trading today. This strengthening can be ensured if there are still many physical purchases of the US Dollar carried out by market participants, plus the increase in US government bond yields for long-term tenors. The increase in bond yields is supported by the fact that the Senate has legally approved the stimulus of the Covid-19 relief package of US $1.9 trillion. On the other hand, Fed Chairman Jerome Powell promised in his speech a few days ago, that he would maintain stimulus aimed at supporting the US economic recovery. The rise in US bond yields began to appear ahead of the opening of Wall Street last night. The US central bank The Fed informed that it will extend the Payroll Protection Program Liquidity Facility (PPPLF) for 3 months until June 30, 2021. The Dow Jones Industrial Average has moved and hit new record highs followed by the S&P 500, but the Nasdaq closed lower. The US Centers for Disease Control and Prevention informs that those who have been vaccinated with a full dose (2x vaccine) do not need to wear masks and maintain social distance when meeting and gathering in the same room with those who are at low risk of being exposed to the Covid-19 virus. It is also reported that the US government has vaccinated around 18% of its entire population, while Israel has reached 54.6% and then the United Kingdom which has reached 33% of its total population.

Gold Daily Analysis Prediction

Today's prediction on the EMAS pair, is expected to continue its decline, and the recommended OP (Open Position) is SELL at the level of 1685.00, with a Target Profit (TP) of 5-10 points and a Stop Loss of 3-5 points.  This the analysis of the gold daily on March 9, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.