empty
28.06.2023 04:41 PM
Gold: 1,910 support taken out

The price of gold crashed after retesting the near-term resistance levels. It's trading at 1,906 at the time of writing far below 1,930 yesterday's high. After its massive drop, we cannot exclude a temporary rebound as the rate could test and retest the near-term resistance levels before resuming its drop.

A sell-off was natural after the US CB Consumer Confidence came in better than expected and after Canadian CPI and Core CPI reported lower inflation. Today, the Australian CPI reported a lower inflation as well, while the US Goods Trade Balance came in better than expected. Tomorrow, the US Final GDP, Unemployment Claims, and Fed Chair Powell Speaks should move the price.

XAU/USD Downside Continuation!

This image is no longer relevant

As you can see on the H1 chart, XAU/SUD registered only false breakouts above the weekly pivot point of 1,930 and through the triangle announcing a new sell-off. I told you yesterday that escaping from the triangle pattern should bring us new opportunities.

Its failure to stay above the median line (ml) of the descending pitchfork confirmed strong selling pressure. Now, it has dropped below the 1,910 former low signaling more declines.

XAU/USD Outlook!

Validating the breakdown below 1,910 activates a larger drop. A bearish closure below the S1 (1,901) opens the door for more declines and is seen as a new selling signal. The S2 (1,881) and the lower median line (lml) represent a potential target.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD: Trading Plan for the U.S. Session on March 25th (Review of Morning Trades)

In my morning forecast, I drew attention to the 1.2948 level and planned to make trading decisions from it. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 18:15 2025-03-25 UTC+2

EUR/USD: Trading Plan for the U.S. Session on March 25th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.0779 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and examine what happened there

Miroslaw Bawulski 18:13 2025-03-25 UTC+2

How to Trade the EUR/USD Pair on March 25? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD The EUR/USD currency pair continued its weak downward movement on Monday. The dollar failed to show any significant gains

Paolo Greco 06:29 2025-03-25 UTC+2

How to Trade the GBP/USD Pair on March 25? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD The GBP/USD pair traded both up and down on Monday. The uptrend remains intact thanks to the ascending trendline, which has been

Paolo Greco 06:29 2025-03-25 UTC+2

Trading Recommendations and Analysis for GBP/USD on March 25: The Roller Coaster Continues

The GBP/USD currency pair managed to move both upward and downward on Monday. We can't say that these movements were triggered by macroeconomic data, because they weren't. The UK's business

Paolo Greco 02:41 2025-03-25 UTC+2

Trading Recommendations and Analysis for EUR/USD on March 25: The Dollar Strengthened Against the Odds

On Monday, the EUR/USD currency pair initially showed an upward move, followed by a decline, making the entire trading day somewhat contradictory. Volatility remained low despite the release

Paolo Greco 02:41 2025-03-25 UTC+2

GBP/USD: Trading Plan for the U.S. Session on March 24th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.2968 and planned to make trading decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 16:05 2025-03-24 UTC+2

EUR/USD: Trading Plan for the U.S. Session on March 24th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.0856 and planned to make trading decisions based on it. Let's take a look at the 5-minute chart and see what

Miroslaw Bawulski 16:01 2025-03-24 UTC+2

How to Trade the GBP/USD Pair on March 24? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD The GBP/USD pair continued its downward movement on Friday, which was fully justified by both the technical picture and the prevailing market

Paolo Greco 06:08 2025-03-24 UTC+2

How to Trade the EUR/USD Pair on March 24? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD The EUR/USD currency pair continued a sluggish downward movement on Friday. A few days earlier, the price had broken below the ascending

Paolo Greco 06:08 2025-03-24 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.