Gold trading strategy on 1/3/2023

Gold prices ( XAU/USD ) started March on a firmer footing as it refreshed the intraday high near $1,838 in a three-day streak of gains early Wednesday in Europe.

The metal's latest rally looks plausible from both a fundamental as well as a technical standpoint as news regarding China joins the XAU/USD rally past previous resistance at $1,823. .

That said, strong prints of China's Caixin Manufacturing PMI and NBS for February along with the African Manufacturing PMI for the aforementioned month to mark the largest industrial company's optimistic economic recovery world, as well as one of the major gold consuming countries. After the data, China's Finance Minister Liu He indicated a willingness to boost the nation's fiscal spending while also mentioning that the foundation of China's economic recovery is not yet stable.

Support level: 1,803.00 1,791.20 1,784.60

Resistance levels: 1,841.10 1,863.70 1,877.50

Recommendations for trading gold:

Buy 1830 - 1829

Stop Loss: 1825
Take profit 1: 1835
Take profit 2:1840
Take profit 3: 1850

Sell 1845 -1846

Stop Loss: 1850

Take profit 1: 1835
Take profit 2:1830
Take profit 3: 1825

Note: Always set TP and SL in all trading cases
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