empty
 
 

Forex Analysis & Reviews: Gold rebound seems over below 1,641
time 27.09.2022 03:29 PM
time Relevance up to, 28.09.2022 03:29 PM

Gold rebounded in the short after yesterday's sell-off. Now, it was traded at 1,636 far above 1,621 yesterday's low. Technically, the bias remains bearish, so the current rebound could be temporary.

Fundamentally, the US reported poor data earlier. Durable Goods Orders reported a 0.2% drop versus a 0.1% growth expected, while Core Durable Goods Orders registered only a 0.2% growth versus the 0.3% growth forecasted. In addition, the HPI and the S&P/CS Composite-20 HPI came in worse than expected as well.

Later, the US CB Consumer Confidence is expected at 104.0 points while the New Home Sales could drop to 500K from 511K. These figures could be decisive, poor data could help the XAU/USD to resume its rebound.

XAU/USD Down-Channel Intact!

This image is no longer relevant

XAU/USD found support on the channel's downside line and now it has come back to test and retest the 1,641 and the downtrend line which represents upside obstacles. You knew from my previous analysis that only a valid breakdown below 1,626 may activate more declines.

Still, the bias remains bearish as long as it stays under the downtrend line. The price retested this obstacle and it has closed far below it signaling strong pressure. 1,641 stands as a static resistance.

XAU/USD Outlook!

Testing and retesting the downtrend line, registering only false breakouts may signal a new sell-off. Dropping and stabilizing under 1,626, a new lower low activates a deeper drop and brings new short opportunities. The weekly S2 (1,608) and the channel's downside line represent downside targets.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

InstaForex分析评论将让您充分了解市场趋势! 作为InstaForex的客户,您将获得大量的免费服务以实现有效的交易。

  • 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 $10000 more!
    In January we raffle $10000 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

Recommended Stories

AUD/USD: 0.7066 crucial obstacle

The AUD/USD pair turned to the downside and is trading at 0.7068 at the time of writing. You knew from my previous analysis that AUD/USD dropped below the uptrend line

Ralph Shedler 19:34 2023-01-30 UTC+2

USD/CAD: deeper drop still in cards

The USD/CAD pair increased a little today after reaching the new low of 1.3300. Still, the rebound could be only temporary, the rate could test and retest the near-term upside

Ralph Shedler 16:40 2023-01-30 UTC+2

Analysis and trading tips for GBP/USD on January 30

The test of 1.2360 occurred when the MACD line was just starting to move below zero, which was a pretty good signal to sell. However, the pair did not fall

Jakub Novak 07:58 2023-01-30 UTC+2

Analysis and trading tips for EUR/USD on January 30

Analysis of transactions and tips for trading EUR/USD The test of 1.0890 occurred when the MACD line was already far from zero, so the upside potential was limited. Sometime later

Jakub Novak 07:55 2023-01-30 UTC+2

EUR/USD accumulates more bullish energy

The EUR/USD pair continues to move sideways in the short term as the Dollar Index moves somehow sideways as well. It's trading at 1.0868 at the time of writing above

Ralph Shedler 07:15 2023-01-30 UTC+2

USD/JPY attracts more buyers ahead of new breakout

The currency pair continues to move somehow sideways in the short term. It's located at 129.91 at the time of writing and it seems undecided. Technically, the current range

Ralph Shedler 14:28 2023-01-27 UTC+2

Analysis and trading tips for EUR/USD on January 27

The test of 1.0902 occurred when the MACD line was just starting to move below zero, which was a pretty good signal to sell. It led to a price decrease

Jakub Novak 07:37 2023-01-27 UTC+2

Analysis and trading tips for GBP/USD on January 27

The test of 1.2415 occurred when the MACD line was just starting to move above zero, which was a pretty good signal to buy. However, the pair did not rise

Jakub Novak 06:39 2023-01-27 UTC+2

EUR/USD drops ahead of US data, 1.0926 as key level

The EUR/USD pair is trading in the red at 1.0897 on the H1 chart at the time of writing. The bias remains bullish despite temporary retreats. The price could come

Ralph Shedler 13:22 2023-01-26 UTC+2

Analysis and trading tips for GBP/USD on January 26

The test of 1.2314 occurred when the MACD line was just starting to move below zero, which was a pretty good signal to sell. It led to a price decrease

Jakub Novak 09:08 2023-01-26 UTC+2
现在无法通话?
提出您的问题,用 在线帮助.