For Traders

Analytical Reviews

Hot forecast

01.02.202318:14 Forex Analysis & Reviews: XAU/USD strongly bullish ahead of FOMC

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 rallied in the last hour as the USD depreciated after the US data. The yellow metal was strongly bullish since yesterday as the USD took a hit from the CB Consumer Confidence and from the Chicago PMI indicators.

Today, the US reported mixed data. The ADP Non-Farm Employment Change came in at 106K versus the 176K expected, ISM Manufacturing PMI came in at 47.4 points below the 48.0 expected, while JOLTS Job Openings increased from 10.44M to 11.01M.

Later, the FOMC represents the most important event. The FOMC Statement and FOMC Press Conference should bring sharp movements in Gold.

Gold Upside Continuation!

Technically, the price of gold registered a valid breakout above the descending pitchfork's upper median line (uml). It has tested and retested the broken resistance and now it challenges the weekly pivot point (1,929).

The false breakdown with great separation below 1,923 and through the upper median line (uml) confirmed strong upside pressure.

XAU/USD Forecast!

1,933 represents an upside obstacle. Jumping and closing above validate an upside continuation and offer new long opportunities. The R1 (1,947) and 1,949 serve as upward targets.

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.