Free Forex Signals and Forecast: Buy Gold – 28 Feb 2022
Forex Trading Signals

Free Forex Signals and Forecast: Buy Gold – 28 Feb 2022

Our free forex signals service trade today is a buy order on the gold. The metal looks positive amid broader risk aversion.

The gold price moves sideways right above the uptrend support. The XAU/USD is trading at 1,906 at the time of writing. The yellow metal could test the immediate support levels in the short term before developing a new leg higher. As you already know, gold is used as a safe haven, so XAU/USD could climb higher after registering temporary declines. In the short term, the price of gold retreated a little also because the DXY rallied.

Are you interested in learning more about managed forex accounts? Check our detailed guide-

Fundamentally, the geopolitical tensions make XAU/USD very attractive for buyers. So technically, the bias remains bullish despite the current retreat. That’s why I’m still looking for new long opportunities.

Chicago PMI 62.1 expected

Today, the US data could bring some action on the price of gold. Chicago PMI may drop from 65.2 to 62.1 points. In addition, the Prelim Wholesale Inventories may report a 1.3% growth, while the Goods Trade Balance could be reported at -99.6B.

From the technical point of view, the XAU/USD could develop a new leg higher as long as it stays above the uptrend line. Conversely, only a valid breakdown below this dynamic support and a new lower low could announce a deeper drop.

3 Free Forex Every Week – Full Technical Analysis

Free forex signals – Buy gold at 1,928.82

gold free forex signals

Free forex signals entry price and takes profit

Instrument: Gold

Order Type: BUY STOP

Entry price: 1,928.82

Stop Loss: 1,876.44

TP1: 2,010.17

My Risk: 1%

Risk / Reward Ratio: 1:1.55

Looking to trade forex now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.