empty
 
 
20.05.2022 04:37 PM
Gold to reach buying zone

The price of Gold drops like a rock in the short term as the USD tries to appreciate again after its massive drop. The yellow metal was traded at the 1,838 level at the time of writing. After its amazing rally, a temporary decline is natural.

In the short term, XAU/USD rallied only because the USD depreciated. USD's rally could push the yellow metal down again. Fundamentally, the US data came in worse than expected yesterday which was good for Gold.

XAU/USD Up Channel!

This image is no longer relevant

XAU/USD jumped above the major downtrend line but it failed to close above 1,849 yesterday high signalling that the buyers are exhausted. Now, it could come back down to test and retest the downtrend line, the 1,831 key support, and the uptrend line which represents downside obstacles.

Testing and retesting these downside obstacles, registering only false breakdowns may signal that XAU/USD remains bullish and it could develop a new leg higher. Technically, we have a strong confluence area at the intersection between the mentioned downside obstacles.

XAU/USD Forecast!

A valid breakdown below 1,831 and through the uptrend line may signal a new sell-off and it could bring new selling opportunities.

Staying above the support levels, registering only false breakdowns through these levels and through the confluence area could announce a new bullish momentum.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback