Gold Daily Analysis : March 15, 2021

The daily analysis of gold on March 15, 2021 will discuss the movement of Gold on Friday last week, which moved up to the level of 1727s/troy ounce. Before the close, Gold's movement had declined and touched the psychological level at 1700, but eventually rebounded. The rebound of Gold is supported by physical buying actions carried out by market participants. The actions of these market participants ignored the strengthening of the US Dollar and the rise in US bond yields. The strengthening of the US Dollar was driven by the release of economic data, namely the PPI and Prelim UOM Consumer Sentiment which were positive. In the movement on Monday, March 15, 2021 earlier this week, Gold is expected to continue its decline. This is due to the strengthening of the US Dollar and the momentary profit-taking action carried out by market participants. However, Gold's movement had risen in today's Asian session, supported by a decline in market demand for the US Dollar, after the official passage of the US Covid-19 relief package fiscal stimulus law and to encourage economic recovery of US $1.9 trillion last week. The greenback had weakened against several other major currencies in today's Asian session. The US Dollar's movement bias is because it is officially and has been legally approved and signed by the American government committee. The focus of market participants this week includes the FOMC meeting which is planned to be held on Thursday, March 18, 2021 in the early morning starting at 01:00 WIB.

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 1720.00, with a Target Profit (TP) of 5-10 points and a Stop Loss of 3-5 points. This the daily analysis of gold on March 15, 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.