Great opportunity to buy gold on 24/2/2023

Gold price came under renewed bearish pressure and touched its lowest level since late December below $1,820 before rebounding toward $1,830. The benchmark 10-year US Treasury bond yield turned negative on the day near 3.9% following earlier advance, helping XAU/USD limits its losses.

Gold price opened the year at $1,823.76 and reached a year-to-date high of $1,960 on February 2, right in between the first Federal Reserve meeting of the year and the surprising release of the US jobs report for January. Since then, the ongoing downtrend has been relentless, reaching levels close to the yearly open, around $1,830.

Trading recommendation:

Buy 1820 - 1818

Stop Loss: 1815

Take profit 1: 1830
Take Profit 2:1835
Take profit 3: 1840

sell 1843 - 1845

Stop loss 1858

Take profit 1: 1840
Take profit 2: 1835
Take profit 3: 1830

Note: Always set TP and SL in all trading cases