We finish the trading week on a “golden” note. Trading recommendations on XAU/USD (Gold) futures for Friday, March 02, 2018.

Good afternoon, my dear traders and investors. Have a good day and the end of the trading week to all participants of exchange trade in the international currency market ForEx, as well as in the futures, options and derivatives market, in general in all markets where the right moment and high profits are valued. With you a fan of high volatility and a professional in stock surfing Andrew “Golden Eye” Green.

Thursday, March 1, 2018 was very interesting. The middle of the week and the beginning of spring was marked by the performance of Donald “Ditch Head” Trump with another batch of new scandals and loud statements. This time the object of increased attention of the odious president of the United States was the possibility of forming and applying special tariffs for steel and aluminum. With such a statement, Trump can start a new era of trade confrontations and state protectionism.

In general, since the beginning of this year, as well as in some moments of the past, Mr. Donald very much recalls the infamous policies of Richard Nixon before his election for the second term in 1972. Then, for election to a second term, Nixon sacrificed inflation and, in consequence, the stability of the US economy for the next few years, ensuring the populist goals of the presidential company. Now the “frenetic” US president is motivated by the desire and ambition for global economic domination and the type of “protection” of the interests of the national producer, as well as the formation of additional jobs for the population.

Nevertheless, most of the experts considering such actions give negative forecasts for the US economy. And this, to a large extent, is confirmed by the primary reaction of the market to these statements.

According to Donald Trump, next week it makes sense for us to expect the publication of certain researches of his economic team on this issue.

Gold, as a security tool, received the expected support on these news, which was also accompanied by additional signals in the context of technical analysis. And here in order …

Let’s start with the older timeframes and long-term prospects. In Figure 1, with the weekly timeframe charts, we observe the continuation of lateral movements in the middle of the growing trend channel of the last almost 2.5 years.

Ideally, the need to re-touch support in the area of ​​1290.0 USD is seen, for the subsequent breakdown of resistance at 1360.0 USD. But, in any case, it’s not a matter of the next few months.

In turn, figure 2 and the daily timeframe show us repeatedly confirmed levels of resistance and support at 1310.00 and 1270.00, from them it makes sense to establish zones for purchases.

As for sales, the most interesting point is the level of 1360.00, with the prospect of moving in the trend to the resistance line at 1400.00.

But, Friday is a short and a last day of the working week, so within this article we will limit ourselves to short-term signals on the hour charts (Figure 3).

In contrast to the growing expectations of older charts, there is a noticeable downward trend. Starting from it we focus on sales options (blue zone), from the levels 1320-1330 and purchases (red zone) from 1300-1305.

I prefer buying, because of the previously mentioned news above.

Examples of transactions:

• BUY limit 1305.00, SL 1290.00, TP 1340.00
• SELL limit 1325.00, SL 1335, TP 1305

 

Do not waste time, make money using every opportunity. Come on!

Andrew Green