For Traders

Analytical Reviews

Forecast

24.11.202221:56 Forex Analysis & Reviews: Gold attractive for buyers above 1,749

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 in the red at 1,754 at the time of writing. After its strong growth, a temporary drop is natural. The rate could test and retest the near-term downside obstacles before resuming its growth.

Fundamentally, XAU/USD rallied in the short term after the US Flash Services PMI came in worse than expected signaling further contraction, while Flash Manufacturing PMI dropped into the contraction territory. Also, the FOMC Meeting Minutes weakened the greenback and helped the yellow metal to jump higher.

XAU/USD Natural Retreat!

Gold rallied after escaping from the down-channel pattern. It has registered a valid breakout through 1,749 as well. After its strong rally, a minor retreat or a sideways movement is natural.

The bias remains bullish as long as it stays above 1,749. The 1,758 former high represents a static resistance.

XAU/USD Forecast!

A new higher high, a valid breakout above 1,758 signals an upside continuation. This is seen as a buying setup. Also, testing and retesting 1,749 could bring a new upside momentum.

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.