empty
 
 

Forex Analysis & Reviews: Gold: downside movement below 1,749
time 25.11.2022 02:51 PM
time Relevance up to, 26.11.2022 02:51 PM

The price of gold dropped after its strong growth and now it stands right above the 1,749 key support. It's trading at 1,751 at the time of writing and it seems undecided after making a new low of 1,749 today.

The yellow metal dropped as the Dollar Index managed to rebound boosting the greenback. As you already know, fundamentally, XAU/USD printed a strong swing higher after the US manufacturing sector dropped into contraction as well. Also, the FED could deliver only a 50 bps rate hike in December after the US reported lower inflation.

XAU/USD Strong Sellers!

This image is no longer relevant

Technically, XAU/USD rallied after escaping from the down-channel pattern. It has climbed as much as 1,761 where it has found resistance. It has failed to confirm its breakout above 1,758 and now it challenges the 1,749 key downside obstacle.

It's trapped between 1,758 and 1,749 levels. After its false breakout, the rate signaled strong downside pressure.

XAU/USD Forecast!

A valid breakdown below 1,749, a new lower low activates more declines. This scenario brings new short opportunities. The weekly S1 (1,736) stands as a downside obstacle and target.

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 analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • 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

Hot forecast for GBP/USD on 27/01/2023

US economic growth is expected to have slowed from 1.9% to 1.6%, but the first estimate of GDP for the fourth quarter showed a slowdown to 1.0%. This is perfectly

Dean Leo 08:15 2023-01-27 UTC+2

Breaking forecast for EUR/USD on January 26, 2023

Since the macroeconomic calendar was absolutely empty, the euro returned to its local high and may climb even higher amid the US statistical reports, especially the GDP data

Dean Leo 07:25 2023-01-26 UTC+2

Hot forecast for GBP/USD on 25/01/2023

Overall, the pound has lost its traction yesterday, which given the preliminary estimates of PMIs in both the UK and the United States, is not that surprising. GBP ended

Dean Leo 08:24 2023-01-25 UTC+2

Breaking forecast for EUR/USD on January 24, 2023

The euro reached a new local high and then bounced. However, a slight drop has not changed the market situation. It could be considered a decline before a further increase

Dean Leo 06:39 2023-01-24 UTC+2

Hot forecast for GBP/USD on 23/01/2023

The British currency continued to rise even after the UK reported that on a yearly basis, overall retail sales fell 5.8%, following a 5.7% drop in November. Projections were -4.4%

Dean Leo 08:26 2023-01-23 UTC+2

Gold: upside continuation signaled

The price of gold dropped a little after reaching 1,937 today's high. Now, it was trading at 1,926 at the time of writing. The bias remains bullish, so temporary retreats

Ralph Shedler 17:14 2023-01-20 UTC+2

Hot forecast for EUR/USD on 20/01/2023

The multidirectional nature of the unemployment claims data in the United States was the main reason why the currency market is stagnant. Initial claims for state unemployment benefits dropped 15,000

Dean Leo 08:18 2023-01-20 UTC+2

Hot forecast for GBP/USD on 19/01/2023

UK inflation fell from 10.7% to 10.5% in December, and the pound gradually increased. Inflation eased for the second month, and it hints at the possibility of a more subdued

Dean Leo 08:10 2023-01-19 UTC+2

Breaking forecast for EUR/USD on January 18, 2023

Unexpectedly, but the euro and the pound sterling traded with the opposite correlation yesterday. Oddly, there were no reasons for this. At least, the macroeconomic statistics could hardly

Dean Leo 08:26 2023-01-18 UTC+2

Breaking forecast for GBP/USD on January 17, 2023

There is no wonder that the market got stuck amid the absolutely empty macroeconomic calendar. Today, the market is expected to remain stagnant despite the UK labor market reports. According

Dean Leo 06:43 2023-01-17 UTC+2
Can't speak right now?
Ask your question in the chat.