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23.11.2022 08:24 PM
XAU/USD: upside scenario ahead of FOMC meeting minutes

XAU/USD is trading in the green at 1,744 at the time of writing. Technically, the price action signaled that the downside movement is over and that the price could develop a new leg higher.

Fundamentally, the yellow metal turned to the upside after the US data publication. The Flash Services PMI dropped from 47.8 to 46.1 points, even though traders expected a potential growth to 48.0 points, while Flash Manufacturing PMI dropped from 50.4 to 47.6 points far below 50.0 estimates signaling contraction in this sector as well. This is the reason why the USD depreciated and Gold jumped higher.

Still, the FOMC Meeting Minutes could be decisive today. This is seen as a high-impact event and could really shake the price.

Gold Down Channel Breakout!

This image is no longer relevant

Gold registered a false breakdown with great separation below the 1,732 - 1,729 support zone and now it has passed above the downtrend line signaling that the downside movement could be over.

Now, it's trapped between 1,729 and 1,749 levels. Escaping from this range could bring a strong move. After its false breakdown, the price action signaled an upside breakout.

Gold Forecast!

A valid breakout above 1,749, a new higher high validates a new leg higher. This is seen as a long signal. 1,786 stands as an upside target.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
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