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The price of gold crashes as the USD is strongly bullish. The yellow metal was trading at 1,668 at the time of writing and it seems determined to approach and reach new lows. Fundamentally, XAU/USD developed a strong sell-off after the US NFP was reported at 263K in September while the Unemployment Rate dropped unexpectedly from 3.7% to 3.5%.
XAU/USD plunges also after Germany announced that it would back joint EU debt for loans to tackle the energy crisis. The bias is bearish, so more declines are in cards. Only the FOMC Meeting Minutes or the US inflation could change the sentiment during the week.
Better-than-expected US data could boost the greenback and could force the price of gold to drop deeper.
Technically, the rate failed to stabilize above the major downtrend line signaling that the leg higher could be over. Retesting the descending pitchfork's upper median line (uml) and dropping below the uptrend line signaled a potential sell-off.
Breaking below 1,688 - 1,680 activated more declines. The next downside target is seen at 1,659. After retesting the upper median line (uml), the yellow metal could be attracted by the median line (ml) which represents a potential target and dynamic support.
The breakdown below 1,680 was seen as a selling opportunity. A larger drop could be activated if the rate makes a valid breakdown below the median line (ml). So, dropping, closing, and stabilizing below S1 (1,659) and below the median line (ml) could bring short opportunities as well.
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