Gold Daily Analysis : March 29, 2021

Today's gold daily analysis for March 29, 2021 discusses the movement of gold. The momentary weakening of the US Dollar coupled with information about the increase in the number of Covid-19 pandemic sufferers in Europe, made the movement of Gold soar in trading on Friday, March 26, 2021 last weekend. Gold's movement in today's trading is predicted to still try to rise. This is due to a decline in US government bond yields for long-term tenors. In addition, the US weekly jobless claims data released was lower than predicted last Sunday, causing signals that the US economic recovery will be faster. In addition, the US government's rapid movement in launching the Covid-19 vaccine also helped to pressure the price of gold. Gold's movement during the past week tends to be in a limited range of US $1730.00 - US $1745.00 /troy ounce. However, if the increase in US bond yields rises again, coupled with the view of Fed Chairman Jerome Powell who said that with the help of the stimulus that has been approved by Congress and the rapid and appropriate distribution of the funds, it will be able to make the American economy recover faster than previously predicted, thus making the price of Gold decrease. If technically Gold's movement can break through the 1740s level, then there is a good chance that it will continue its rise and could break through the resistance level at 1745s. The decline in gold prices could be limited due to the increasing tension between China and several countries, such as the European Union, the United Kingdom, the US and Canada. In addition, there are sanctions against China for acts of violence and human rights violations committed against ethnic Uighurs in Xinjiang. However, China actually carried out retaliatory sanctions that further made the tension condition even more heated. The greenback is still moving stronger compared to other major currencies, this is due to the support of the increase in US government long-term bond yields and also the increasingly positive US economic data released further makes it more confident that the US economy can rise and faster than predicted. This week will also be released important economic data that is a benchmark for US economic progress. These important economic data include the average hourly wage of workers, Non-Farm Payroll data and monthly unemployment rate data in the US.

Gold Daily Analysis Prediction

Today's prediction on the EMAS pair, it is expected to continue its increase, and the recommended OP (Open Position) is BUY at the level of 1735.00, 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 29, 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.