Gold: swing higher underway
September 15, 2023 5:23 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 rallied and now is located at 1,927 at the time of writing. It has increased by 1.55% from yesterday’s low of 1,901 to 1,930 today’s high. It has edged higher as the Dollar Index retreated a little. Technically, the price action signaled a larger rebound.
Fundamentally, the Chinese Industrial Production, Retail Sales, and Unemployment Rate came in better than expected in the morning. Earlier, the US Empire State Manufacturing Index Capacity Utilization Rate and Industrial Production came in better than expected. Still, XAU/USD received a helping hand from the US Prelim UoM Consumer Sentiment, which came in worse than expected.
XAU/USD 1,930 Resistance!
From the technical point of view, XAU/USD escaped from a down channel signaling a new leg higher. Now, it is challenging the weekly pilot point of 1,926 and is almost to hit the former high of 1,930.
Still, after its amazing rally, we cannot exclude a temporary retreat. The price could drop a little trying to attract more buyers.
XAU/USD Forecast!
1,930 represents a key resistance. Jumping, closing, and stabilizing above is seen as a buying opportunity with a first target at the median line (ml).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: