empty
 
 
02.02.2023 06:15 PM
Gold: natural drop post BOE & ECB

The price of gold climbed as much as 1,959 but it has failed to stay near this new high and now is located at 1,924. After its strong rally, a temporary drop was natural and expected. It could try to test and retest the near-term support levels before jumping higher as the bias remains bullish.

As you already know, the XAU/USD rallied after the US CB Consumer Confidence, Chicago PMI, ADP Non-Farm Employment Change, and ISM Manufacturing PMI came in worse than expected. Also, the FOMC boosted the price of Gold.

Today, the BOE and ECB increased the interest rates by 0.50% as expected. XAU/USD retreated a little also because the US Unemployment Claims came in at 183K versus the 196K expected. Tomorrow, the fundaments should move the rate again. The NFP is expected to come in worse compared to the previous reporting period, while the Unemployment Rate could increase from 3.5% to 3.6%.

XAU/USD Retests The Buyers!

This image is no longer relevant

In my opinion, poor US data should lift the yellow metal. Technically, it registered a strong rally after the FOMC, but its failure to stay above 1,949 signaled exhausted buyers. Still, don't forget that the bias remains bullish despite temporary drops.

1,911 and the lower median line (lml) represent downside obstacles. XAU/USD could find strong demand around these levels.

XAU/USD Forecast!

The price of gold could approach and reach 1,911, the S1 (1,909), and the lower median line (lml). Testing and retesting these levels, making only false breakdowns could announce a new bullish momentum. This could represent the first buying opportunity after the massive drop.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Abril, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback