Gold: bearish pattern under development
May 15, 2023 5:22 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
The price of gold is moving sideways in the short term and the trajectory seems undecided. It’s trading at 2,015 at the time of writing. It has changed little in the short term, that’s why we need to wait for a fresh trading opportunity.
Fundamentally, XAU/USD stays higher as the US Empire State Manufacturing Index came in at -31.8 points versus -3.7% expected. Tomorrow, the Canadian CPI and the US retail sales data could be decisive.
XAU/USD 2,011 As Key Support!
As you can see on the H1 chart, the rate is trapped between 2,022 and the minor uptrend line. Escaping from this pattern could bring us new opportunities.
After its last drop, a temporary rebound was natural. Still, the current rebound could represent a bearish pattern.
XAU/USD Forecast!
A bullish closure above 2,022 activates further growth and represents a buying signal.
A valid breakdown below the uptrend line and through 2,011 validates a downside movement and brings a new short opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: