You are here: Home > articles > Commodities > Forex > Gold strongly bullish, upside reversal in play
Gold strongly bullish, upside reversal in play
June 30, 2023 3:22 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 edged higher and now is trading at 1,918 at the time of writing. DXY’s massive drop forced XAU/USD to approach and reach new highs. Technically, the price action signaled exhausted sellers and announced a potential leg higher. Still, it’s premature to talk about this scenario as the rate stands below strong upside obstacles.
Surprisingly, XAU/USD jumped higher, even though the US data came in mixed. Revised UoM Consumer Sentiment was reported at 64.6 points versus 63.9 points expected, while Core PCE Price Index rose by 0.3% matching expectations.
XAU/USD Challenges Resistance Levels!
XAU/USD registered only false breakdowns below 1,901, failing to approach and reach the channel’s downside line again. Now, it has jumped above the downtrend line and it is challenging the 1,917 static resistance.
It is almost to hit the median line (ml) of the ascending pitchfork which represents a dynamic resistance.
XAU/USD Outlook!
A valid breakout above the median line (ml) is seen as a new buying signal. The upper median line (uml) represents an upside target.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: