Gold Is at Seven-Month Peaks
Andrey Goilov | Jan 09, 2023 13:25
Gold prices rose to the highs of the last seven months, balancing above 1882.00 USD per Troy ounce. The demand for gold flourished after the USD got weak, and the demand for safe-haven assets increased.
Fundamentally, gold is supported by the market hope for a slow-down in the growth of the US interest rate. The market is still confident that the Fed will soon be softening its policy. The minutes of the latest meeting somewhat cooled down these moods but not completely.
On H4, XAU/USD has formed a consolidation range around 1832.25. Today the market has extended it upwards to 1865.00 and tested 1832.25 from above. At the moment, the market is pushing gold quotes to 1888.50. After this level is reached, a link of correction to 1831.25 is not excluded, followed by growth to 1901.00. Technically, this scenario is confirmed by the MACD: its signal line is above zero, heading strictly upwards.
On H1, XAU/USD has completed a structure of an impulse of growth to 1864.69. A consolidation range has formed around it today. With an escape upwards, a pathway to 1888.50 will open. After it is reached, a link of correction to 1864.70 should start. Technically, this scenario is confirmed by the Stochastic oscillator: its signal line is above 80, and after it is reached, a decline to 20 is expected.
Disclaimer
Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.