Gold: temporary rebound ahead of new sell-off
March 7, 2023 6:20 pmVideo
Latest News
- Forecast for EUR/USD on April 29, 2024 April 29, 2024
- Forecast for GBP/USD on April 29, 2024 April 29, 2024
- Forecast for USD/JPY on April 29, 2024 April 29, 2024
- Key events on April 29: fundamental analysis for beginners April 29, 2024
- Trading plan for GBP/USD on April 29. Simple tips for beginners April 29, 2024
- Trading plan for EUR/USD on April 29. Simple tips for beginners April 29, 2024
- 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
Gold crashed today and now is trading at 1,819 at the time of writing. It has dropped as much as 1,815 today where it has found temporary support and demand. XAU/USD registered a 1.94% drop from today’s high of 1,851 to the daily low of 1,815.
DXY’s strong rally forced the yellow metal to develop a broader drop. Still, after its massive drop, we cannot exclude temporary rebounds as the rate could come back to test and retest the immediate resistance levels before resuming its sell-off. You knew from my analyses that the RBA and Fed Chair Powell’s Testimony could move the price today. Powell confirmed further rate hikes, while the RBA delivered a 25 bps hike as expected.
Tomorrow, the BOC, the US ADP Non-Farm Employment Change, JOLTS Job Openings, and Fed Chair Powell’s keynote speech should bring fresh sharp movements. Positive US data during the week should boost the greenback and could send XAU/USD towards new lows.
XAU/USD Deep In Sellers’ Territory!
As you can see on the H1 chart, XAU/USD ignored the weekly pivot point of 1,838, the median line (ml), and the S1 (1,821). These represented downside obstacles. Now, it tries to come back to retest the broken levels.
After its strong sell-off, a rebound is natural. Still, the downside pressure remains high. The bounce back could bring us new short opportunities.
XAU/USD Forecast!
As long as it stays under the median line (ml), XAU/USD could extend its downside movement as the bias remains bearish. Testing and retesting the median line (ml), registering only false breakouts should bring us new selling opportunities.
Still, a new lower low, a bearish closure below 1,815 is seen as a fresh short opportunity. This scenario activates more declines.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: