empty
 
 
27.02.2023 06:03 PM
XAU/USD temporary rebound, bearish bias intact

The price of gold rebounded today as the Dollar Index crashed. You already know from my analysis that we have a negative correlation between these two. Technically, the yellow metal could come back to test and retest the immediate resistance levels.

The bias is bearish despite temporary rebounds. The current bounce back could bring new short opportunities. The XAU/USD could end its rebound soon as Pending Home Sales came in better than expected. The indicator reported an 8.1% growth versus 0.9% growth expected. As you already know, Core Durable Goods Orders came in better than expected as well.

Tomorrow, the US CB Consumer Confidence and Canadian GDP will represent high-impact events. Still, the Eurozone and Japanese data could have an impact as well.

Gold tries to retest the sellers

This image is no longer relevant

From the technical point of view, XAU/USD signaled oversold signs, and now it has rebounded. The 1,806 low represents critical support. On the other hand, the weekly pivot point of 1,822 and the downtrend line represent upside obstacles.

The rebound could be only temporary. Technically, the rate could move sideways in the short term, signaling a distribution pattern.

XAU/USD outlook

Testing and retesting the pivot points of 1,822 and 1,827, as well as the downtrend line could bring new selling opportunities. The bias is bearish as long as it stays below the downtrend line. Failing to reach the resistance levels may announce strong sellers. A new lower low, a bearish closure below 1,806 activates more declines and is seen as a selling opportunity as well.

Ralph Shedler,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 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.
    कॉन्टेस्ट में हिस्सा लें
  • चैन्सी डिपॉजिट
    $ 3,000 के साथ अपना खाता जमा करें और प्राप्त करें $4000 अधिक!
    में जुलाई हम आकर्षित करते हैं $4000 चैंसी डिपॉज़िट में
    ट्रेडिंग अकाउंट में $ 3,000 जमा करके जीतने का अवसर प्राप्त करें इस शर्त को पूरा करके आप प्रतियोगिता में भाग ले सकते हैं
    कॉन्टेस्ट में हिस्सा लें
  • ट्रेड वाइज़, विन डिवाइस
    कम से कम $500 के साथ अपने खाते में टॉप अप करें, कॉन्टेस्ट के लिए साइन अप करें और मोबाइल डिवाइस जीतने का मौका पाएं।
    कॉन्टेस्ट में हिस्सा लें
  • 100% बोनस
    अपनी जमा राशि पर 100% बोनस प्राप्त करने का आपका अनूठा अवसर
    बोनस पायें
  • 55% बोनस
    अपनी प्रत्येक डिपॉजिट पर 55% बोनस के लिए आवेदन करें
    बोनस पायें
  • 30% बोनस
    हर बार खाता टॉप अप करने पर 30% बोनस प्राप्त करें
    बोनस पायें

अनुशंसित लेख

अभी बात नहीं कर सकते?
अपना प्रश्न पूछें बातचीत.
Widget callback