Forex Analysis & Reviews: 23.11.2022 - XAU/USD: upside scenario...

23.11.2022 08:24 PM

XAU/USD: upside scenario ahead of FOMC meeting minutes

Mở tài khoản giao dịch Mở tài khoản demo

XAU/USD is trading in the green at 1,744 at the time of writing. Technically, the price action signaled that the downside movement is over and that the price could develop a new leg higher.

Fundamentally, the yellow metal turned to the upside after the US data publication. The Flash Services PMI dropped from 47.8 to 46.1 points, even though traders expected a potential growth to 48.0 points, while Flash Manufacturing PMI dropped from 50.4 to 47.6 points far below 50.0 estimates signaling contraction in this sector as well. This is the reason why the USD depreciated and Gold jumped higher.

Still, the FOMC Meeting Minutes could be decisive today. This is seen as a high-impact event and could really shake the price.

Gold Down Channel Breakout!

Gold registered a false breakdown with great separation below the 1,732 - 1,729 support zone and now it has passed above the downtrend line signaling that the downside movement could be over.

Now, it's trapped between 1,729 and 1,749 levels. Escaping from this range could bring a strong move. After its false breakdown, the price action signaled an upside breakout.

Gold Forecast!

A valid breakout above 1,749, a new higher high validates a new leg higher. This is seen as a long signal. 1,786 stands as an upside target.

Bạn đã thích bài đăng này hôm nay

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Technical analysis

Ralph Shedler,
Chuyên gia phân tích của InstaForex
© 2007-2023

Thêm các bài viết của tác giả này

E-mail subscription

EURUSD

Euro vs US Dollar

Select timeframe

min

hour

hours

day

week

Start trade

Recommended Stories

Technical analysis of GBP/USD for March 23, 2023

The GBP/USD pair has faced strong support at the level of 1.2173 because resistance became support. So, the strong resistance has been already faced at the level of 1.2173

Mourad El Keddani 23:53 2023-03-23 UTC+2

1195

EUR/USD reaches upper median line as expected

EUR/USD climbed as much as 1.0929 today where it has found resistance again. Now, it is trading lower at 1.0895 at the time of writing. The bias remains bullish despite

Ralph Shedler 18:40 2023-03-23 UTC+2

1570

GBP/USD: rising wedge in progress

The GBP/USD pair registered a strong leg higher in the short term and now is trading at 1.2314 at the time of writing. Now, it stands right below important upside

Ralph Shedler 18:39 2023-03-23 UTC+2

1255

Technical analysis of EUR/USD for March 23, 2023

The bullish bias will be suggested for today, supported by the EMA100 that carries the price from above, taking into consideration that breaking 1.0819 will stop the expected rise

Mourad El Keddani 17:28 2023-03-23 UTC+2

1615

Forecast for EUR/USD on March 23, 2023

On Wednesday, the EUR/USD pair kept on rising and managed to remain above the corrective level of 200.0% (1.0861), moving above the trend channel. The growth can now be carried

Samir Klishi 16:50 2023-03-23 UTC+2

1465

March 23, 2023 : EUR/USD daily technical review and trading opportunities.

The price level of 1.0800 remained a significant resistance level to offer SELL opportunities until the current upside movement was expressed. The next target is located around 1.1000 where

Mohamed Samy 16:45 2023-03-23 UTC+2

1255

March 23, 2023 : EUR/USD Intraday technical analysis and trading plan.

Price action around the key-level of (1.0550-1.0600) was quite bullish. That's why, further bullish continuation towards 1.0800 was demonstrated. Moreover, more bullish advancement towards the nearest supply zone around 1.1150-1.1200

Mohamed Samy 16:42 2023-03-23 UTC+2

1390

March 23, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

The GBPUSD bulls failed to record a new high above 1.2200. Instead, a descending high was established around the same price level. Bearish pullback pursued towards the price levels

Mohamed Samy 16:41 2023-03-23 UTC+2

1435

On Wednesday and Thursday, the GBP/USD pair continued to increase, and today it was trading near the level of 1.2342, according to the hourly chart. The US dollar's rebound from

Samir Klishi 16:16 2023-03-23 UTC+2

1225

Trading Signal for GBP/USD for March 23 - 24, 2023: sell below 1.2329 (5/8 Murray - correction)

The pivot point is located at 1.2268. In case the British pound approaches this level in the next few hours, it could offer a technical rebound. With this price action

Dimitrios Zappas 15:02 2023-03-23 UTC+2

1630