empty
 
 
30.03.2023 05:48 PM
Gold to exit its range soon?

Gold rallied in the last hours and now is trading at 1,973 at the time of writing. USD's depreciation helped the yellow metal to jump higher. The bias is bullish in the short term but a larger growth needs confirmation.

XAU/USD is strongly bullish in the short term also because the US Final GDP and Unemployment Claims came in worse than expected today. Tomorrow, the economic calendar is filled with important economic data, so the fundamentals should move the rate.

XAU/USD Downside Invalidated!

This image is no longer relevant

Technically, XAU/USD retested the lower median line (lml) of the ascending pitchfork, registering a false breakdown below 1,959 and signaling that the retreat could be over and that the buyers could take full control again.

In the short term, Gold is trapped between 1,975 and 1,959 levels. Escaping from this pattern should ring new opportunities.

XAU/USD Outlook!

Now, it challenges the weekly pivot point of 1,974 and the 1,975 resistance level. A bullish closure above these obstacles confirms further growth and is seen as a long opportunity with a target at the median line (ml).

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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 June 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

Can't speak right now?
Ask your question in the chat.
Widget callback