For Traders

Analytical Reviews

Hot forecast

22.09.202219:11 Forex Analysis & Reviews: Gold: symmetrical triangle under development

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.

Gold continues to move sideways in the short term. The yellow metal registered sharp movements in both directions. Fundamentally, the FED, SNB, and BOE hiked rates as expected. On the other hand, the BOJ left its monetary policy unchanged.

The price retreated after the USD was lifted by the US Unemployment Claims and by the Current Account data. XAU/USD could extend its sideways movement. Tomorrow, the Euro-zone, UK, and US manufacturing and services data could move the price.

XAU/USD Extends Its Sideways Movement!

Technically, XAU/USD is trapped between 1,688 and 1,654. In the short term, the price seems undecided, that's why it could continue to move within the current range.

As you can see on the H1 chart, the price of gold develops a potential symmetrical triangle. Escaping from this pattern could bring new trading opportunities.

XAU/USD Forecast!

A new higher high, a valid breakout above 1,688 brings new long opportunities.

A new lower low, dropping and closing below 1,654 activates more declines and offers new short signals.

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.