Gold: bullish continuation pattern
October 17, 2023 3:22 pmVideo
Latest News
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
- Week Ahead – More inflation data on the way as rate cut bets thrown into disarray April 12, 2024
- Bitcoin will thrive during supply crisis April 12, 2024
- Technical Analysis – EURUSD plummets after US CPI and ECB decision April 12, 2024
- Will US retail sales add juice to the dollar’s rally? – Preview April 12, 2024
- Technical Analysis – GBPUSD outlook worsens after rapid fall April 12, 2024
- Market Comment – Dollar pulls back; ECB sends clearer cut signals April 12, 2024
- Hot forecast for EUR/USD on April 12, 2024 April 12, 2024
The price of gold is trading in the green at 1,929 at the time of writing. The bias is bullish, so further growth is natural. Technically, after such an impressive growth, a correction was natural. The USD’s short-term depreciation helped XAU/USD to hit new highs.
Fundamentally, Gold remains bullish as the Canadian and New Zealand CPI reported lower-than-expected inflation. Still, an upside continuation needs confirmation as the US retail sales data came in better than expected. In addition, the US Industrial Production and Capacity Utilization Rate reported positive data as well.
XAU/USD Rising Wedge Invalidated!
As you can see on the H1 chart, the price action invalidated a potential Rising Wedge pattern, signaling an upside continuation.
Now, it’s trapped between 1,932 and 1,908 levels. XAU/USD tried to retest the upside line and the 1,908 support in the last attempt but it failed, indicating strong upside pressure.
XAU/USD Forecast!
Jumping, closing, and stabilizing above 1,932 validates further growth and represents a bullish signal.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: