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Gold Back In Buying Area!

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Gold plunged after reaching the1,820.30 high after it failed to stabilize above the 1815.57 obstacle. Now, it is trading at the 1,795.08 level. We should see how it may react around the current support zone. XAU/USD registered a massive drop but the retreat could be over soon as the downside obstacles could stop the bearish momentum.

XAU/USD plunged as the Dollar Index rallied after the US reported some better than expected figures in yesterday’s trading session. Gold could start increasing again if the US data disappoints traders later.

The Goods Trade Balance could drop from -82.9B to -89.0B, this could be bad for the USD and could lift Gold. Still, the Pending Home Sales may report a 0.6% rise, while the Prelim Wholesale Inventories could register a 1.5% increase.

XAU/USD Massive Drop!

Gold plunged after it failed to stabilize above the 1815.57 static obstacle. It slipped below the 1794.70 level and now it is testing the 1791.90 weekly S1. It remains to see if the rate stabilizes below this downside obstacle.

A false breakdown and fixation below 1794.70 could announce that the downside movement is over and that the XAU/USD could start increasing again. In the short term, the pressure is high after ignoring the 1,800 psychological level.

Gold Trading Conclusion!

A bullish pattern around the weekly S1 and the 1794.70, a false breakdown with great separation, or any other bullish pattern could announce that the sell-off is over and that bulls could take a full control. Coming back and stabilizing above 1794.70 could bring new long opportunities with a potential upside target at 1815.57.

Staying above the mentioned downside obstacles could announce that the retreat is over and that the yellow metal could develop a new swing higher.

The material has been provided by InstaForex Company – www.instaforex.com

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