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30.01.2023 08:17 AM
Gold: imminent breakout, 1,949 as target

The price of gold extended its temporary range and it seems determined to come back higher. The price action signaled that the bias remains bullish as the Dollar Index remains under strong downside pressure. The XAU/USD is located at 1,933 at the time of writing far above last week's low of 1,916.

Fundamentally, Gold retreated a little as the US reported better than expected data on Thursday. On Friday, the economic figures came in mixed. Today, technical factors could move the price while tomorrow, the US CB Consumer Confidence, Canadian GDP, and New Zealand Employment Change and Unemployment Rate could be decisive.

XAU/USD Range!

This image is no longer relevant

From the technical point of view, XAU/USD could try to resume its growth after registering only false breakdowns below 1,920. The pin bar signaled strong upside pressure.

Still, as you already know from my last analysis, 1,933 and the descending pitchfork's upper median line (uml) represent upside obstacles.

XAU/USD Outlook!

Staying near the immediate resistance levels may announce an imminent breakout. Jumping and closing above the upper median line, making a valid breakout from the current range announces a potential further growth towards 1,949. This is seen as a bullish signal. A larger growth could be activated by a valid breakout through 1,949.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
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