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04.01.2023 01:14 PM
XAU/USD extends its growth as expected, 1,879 as target

XAU/USD edged higher and now is trading at 1,858 at the time of writing below 1,865 today's high. You knew from my previous analysis that Gold is bullish and an upside movement is natural.

Still, after its strong rally, the yellow metal could come back to test and retest the immediate support levels before jumping higher. Fundamentally, the Switzerland CPI reported a 0.2% drop versus the 0.1% drop expected.

The US data could shake the price of gold later today. The JOLTS Job Openings indicator is expected at 10.04M while ISM Manufacturing PMI could drop to 48.5 points from 49.0 points. Moreover, the FOMC Meeting Minutes represent a high-impact event and could force XAU/USD to develop sharp movements.

Gold Strongly Bullish!

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Technically, XAU/USD ignored the static resistance of 1,849 and it was almost to reach the channel's upside line. This stands as a major dynamic resistance. I've told you in my previous analysis that as long as it stays above 1,824 and above 1,833, the price of gold could resume its growth.

Still, after its major rally, XAU/USD could retreat a little to test and retest the near-term support levels, trying to accumulate more bullish energy.

XAU/USD Forecast!

Testing and retesting the R2 (1,854) and 1,849 could announce further growth at least towards the channel's upside line. This scenario could bring new longs. A new higher high, a bullish closure above 1,865 may announce further growth. A valid breakout above the upside line brings new longs with a potential target of 1,879.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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