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31.01.2023 09:52 AM
Gold towards new lows against USD

XAU/USD crashed in the short term as the USD appreciated versus its rivals. Now, it's trading at 1,914. Technically, the yellow metal escaped from a distribution pattern, so more declines are in the cards.

The bias is bearish in the short term, but it remains to see how the price reacts after the US CB Consumer Confidence, Canadian GDP, and the New Zealand Employment Change and Unemployment Rate. These are seen as high-impact events, so the volatility could be huge.

Also, don't forget that we'll have the FOMC, BOE, and ECB during the week. The central banks are expected to increase their interest rates again. Also, the US NFP, ISM Services PMI, Unemployment Rate, Average Hourly Earnings, ADP Non-Farm Employment, ISM Manufacturing PMI, and JOLTS Job Openings serve as high-impact events as well.

XAU/USD Challenging Dynamic Support!

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XAU/USD escaped from the minor range pattern signaling that this represents a downside formation. Now, it is challenging the median line (ml). This represents dynamic support.

Technically, staying near 1,920 - 1,918 signaled an imminent breakdown and a larger correction in the short term.

XAU/USD Forecast!

Stabilizing below the median line (ml) and making a new low, bearish closure below 1,911 and below the S1 (1,909) activates a deeper drop toward 1,896. This represents a bearish signal.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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