02.12.2022 06:31 PM
Gold: more declines below 1,778 today

The price of gold climbed as much as 1,804 today where it has found resistance. It crashed after the US data dump. Now, it was trading at 1,785 at the time of writing above the 1,778 daily low. After its strong sell-off, it tries to recover a little.

Fundamentally, Gold took a hit from the US NFP which came in at 263K far above the 200K expected, and from the Average Hourly Earnings, the indicator reported a 0.6% growth beating the 0.3% growth expected. The Unemployment Rate came in line with expectations.

XAU/USD Turned To The Downside!

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Technically, XAU/USD dropped after failing to stabilize above the R2 (1,781). Breaking below 1,795 signaled more declines. Now, it has found temporary support below the 1,784 historical level, on the R2 (1,781).

Now, it tries to rebound and recover but this could be short-lived. The 1,795 represents an upside target.

XAU/USD Outlook!

As long as it stays above 1,784, XAU/USD could resume its upwards movement. Still, a valid breakdown below this level and a new lower low activates a larger drop and brings new selling opportunities. 1,761 and the uptrend line represent downside targets.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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