empty
 
 

Forex Analysis & Reviews: Gold: more declines below 1,778 today
time 02.12.2022 06:31 PM
time Relevance up to, 03.12.2022 06:31 PM

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!

This image is no longer relevant

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
© 2007-2023
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 $1000 more!
    In February we raffle $1000 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

GBP/USD: simple tips for novice traders on February 8. Analysis of yesterday trades

A test of 1.2033 occurred at a time when the MACD indicator had just started to move down from the zero level. It gave an excellent entry point into short

Jakub Novak 07:49 2023-02-08 UTC+2

Analysis and trading tips for EUR/USD on February 8

Analysis of transactions and tips for trading EUR/USD The downside potential was limited because the test of 1.0728 occurred at a time when the MACD line had already moved

Jakub Novak 07:47 2023-02-08 UTC+2

GBPUSD simple trading tips for beginners on February 7, 2023. Overview of yesterday's trades

GBP/USD overview of trades and trading tips The pound is very likely to continue its decline. In the first half of the day, the UK will publish the Halifax house

Jakub Novak 08:10 2023-02-07 UTC+2

Analysis and trading tips for EUR/USD on February 7

Analysis of transactions and tips for trading EUR/USD Euro slumped further, continuing the bear market that emerged after the strong US labor market data last Friday. And since there

Jakub Novak 08:07 2023-02-07 UTC+2

Analysis and trading tips for GBP/USD on February 3

Pound tested 1.2364 when the MACD line was just starting to move below zero, which was a pretty good signal to sell. This resulted in a decrease of about

Jakub Novak 08:21 2023-02-03 UTC+2

Analysis and trading tips for EUR/USD on February 3

When euro first tested 1.0982, the MACD line was already far from zero, so the downside potential was limited. But a short time later, on the second test, the MACD

Jakub Novak 08:18 2023-02-03 UTC+2

Analysis and trading tips for GBP/USD on February 2

Analysis of transactions and tips for trading GBP/USD Pound tested 1.2329 when the MACD line was already far from zero, so the upside potential was limited. Sometime later, another test

Jakub Novak 07:49 2023-02-02 UTC+2

Analysis and trading tips for EUR/USD on February 2

Analysis of transactions and tips for trading EUR/USD Euro tested 1.0882 when the MACD line was already far from zero, so the upside potential was limited. No other signals appeared

Jakub Novak 07:47 2023-02-02 UTC+2

Analysis and trading tips for GBP/USD on February 1

Analysis of transactions and tips for trading GBP/USD Pound tested 1.2330 just when the MACD line was starting to move below zero, which was a pretty good reason to sell

Jakub Novak 06:37 2023-02-01 UTC+2

Analysis and trading tips for EUR/USD on February 1

The test of 1.0834 occurred when the MACD line was just starting to move below zero, which was a pretty good signal to sell. Accordingly, it resulted in a price

Jakub Novak 06:36 2023-02-01 UTC+2
Can't speak right now?
Ask your question in the chat.