For Traders

Analytical Reviews

Trading plan

06.01.202111:55 Forex Analysis & Reviews: GOLD Resistance levels continue to be breached

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The price of gold is trading at the $1,956 level and is expected to climb higher in the short term after taking out another upside obstacle. I've told you in my previous analyses that XAU/USD has ended its corrective phase and now it should come back higher.

Gold edges higher also due to USD's further depreciation versus all its rivals. The US ADP Non-Farm Employment Change is expected at 60K in December, far below 307K in November.

Dovish FOMC Meeting Minutes could boost the gold price tonight. Also, poor US data could help the price to reach new highs.

XAU/USD Targeting The $2,000 Psychological Level!

XAU/USD has passed through the first warning line of the descending pitchfork signaling more gains. The rate has retested the R3 ($1,941) static resistance validating a new bullish momentum.

As you already know from my analysis, Gold is expected to reach the $2,000 psychological level after returning above the $1,900 level. Closing above the $1,955 intraday high suggests strong buyers and further increase.

XAU/USD Trading Tips

Buy Gold if the rate closes above the $1,955 level on the H4 chart. The $2,000 psychological level could be used as the next upside target.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.