Gold Daily Analysis : February 24, 2021

The daily analysis of gold on February 24, 2021 this time will discuss the movement of gold prices in today's trading, Wednesday February 24, 2021, the Asian session is expected to still try to continue its increase. The rise of the price of Gold from its fall for several days below the level of the 1800s, yesterday began to show its brilliance and moved above that level, precisely until it reached the level of the 1815s. The increase in gold is supported by concerns about high US inflation and the plan for a stimulus package with a large amount that will be launched by the US. However, in Tuesday's trading, Gold's rise was restrained and declined again, due to the release of the US CB Consumer Confidence data which was released better than expected. In addition, the "dovish" statement of the chairman of the Fed's central bank caused the price of Gold to decrease. Powell stated that the US economic rate and the current inflation level are still far from the economic and inflation targets. However, several investors and experts told Reuters that they believe that the US central bank could raise interest rates by the end of 2022 if only the US economy would recover and rise faster than originally expected after the Covid-19 pandemic. The US dollar weakened against several other major currencies, following the statement of the views of the head of the US central bank The Federal Reserve "Jerome Powell". He said that the target of raising US inflation is still far from expectations, this has answered investors' concerns about high inflation. But on the other hand, the decline in the yield of US government bonds for a period of 10 years today has weakened the US Dollar, despite some positive economic data releases. Other factors that made the US Dollar weaker include market participants selling their US Dollar holdings and switching to other currencies that are considered to benefit from increased global trade, especially the country's currency with handling and progress in recovering from the Covid-19 pandemic. The greenback weakened against Cable, the dollar's weakness reached a 3-year low against the pound. Weakness also occurred against other commodity currencies. The weakening of the Greenback is due to the level of concern of investors about global economic conditions affected by Covid-19. The pound sterling strengthened to its highest level since April 2020, which encouraged the strengthening of the Cable currency after British Prime Minister Boris Johnson believed and planned to gradually ease lockdown restrictions due to distribution and resume vaccination quickly and appropriately. Meanwhile, New Zealand is the focus of investors' attention today, where the Reserve Bank of New Zealand (RBNZ) plans to maintain the benchmark interest rate at the level of 0.25% in accordance with market predictions. Investors are also still waiting for the RBNZ chairman's speech at the press conference later tonight.

Forex Daily Analysis Predictions

Today's prediction on the EMAS pair is expected to continue its increase, and the recommended OP (Open Position) is BUY at the level of 1815.00, 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 February 24, 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.