Gold swing higher ends, 1,688 seen as target
September 6, 2022 6:14 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
The price of gold has dropped like a rock today and now it is trading at the 1,701 level. Unfortunately, XAU/USD failed to stay in the buyer’s territory, so a deeper drop is in the cards.
Fundamentally, the RBA increased the Cash Rate from 1.85% to 2.35% matching expectations. Also, the BOC and the ECB are expected to hike rates during the week, that’s why the yellow metal could approach and reach new lows. Moreover, the US ISM Services PMI came in at 56.9 versus the 55.4 points expected. USD’s appreciation could send XAU/USD down.
XAU/USD Bearish Pattern Activated!
Technically, XAU/USD failed to stay above the weekly pivot point of 1,715 and above the uptrend line signaling that the leg higher ended and that the sellers could take the lead.
In the short term, the metal has tried to retest the broken uptrend line and the pivot point confirming the breakdown.
XAU/USD Forecast!
Breaking below the 1,707 static support signaled more declines. Actually, the breakdown was seen as a short opportunity. Gold is strongly bearish, so it could approach and reach fresh new lows. 1,688 stands as a potential target if the rate continues to drop.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: