empty
 
 
07.02.2023 06:43 PM
Gold to exit its range soon?

The price of gold continues to move sideways in the short term. It's trapped between the 1,881 and 1,861 levels. You knew from my previous analysis that XAU/USD could bring new opportunities after making a new lower low. Still, the price failed to approach and reach the 1,861 former low signaling exhausted sellers.

Fundamentally, the most important event of the day was represented by the RBA. The Cash Rate was increased from 3.10% to 3.35% as expected. The RBA signaled further hikes in the next monetary policy meeting.

Later, the Fed Chair Powell Speaks could shake the markets as well and could bring high action on Gold as well. Tomorrow, FOMC Member Williams Speaks represents a high-impact event.

XAU/USD Seems Undecided!

This image is no longer relevant

Technically, XAU/USD found support on 1,867 failing to stabilize below the 38.2% retracement level signaling exhausted sellers. Now, it has retested the median line (ml) which stands as a dynamic support.

The 1,881 former high represents the immediate static resistance level. It remains to see how it reacts around this obstacle.

XAU/USD Forecast!

A valid breakout above 1,881 activates further growth and brings new longs with a first target at the 23.6% (1,904).

False breakouts through 1,881 may announce a new drop. Still, only a valid breakdown below 1,861 activates a deeper drop and brings us a selling opportunity.

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 $8000 more!
    In March we raffle $8000 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