XAUUSD Gold Forecast And Technical Overview
Pair / Instrument: XAUUSD Gold
Current Price: 1196 USD
Fundamentals: Better than expected US Jobs and Earnings data sent the Gold prices lower. Gold has been driven by the U.S. dollar in the short-term, but on a longer term horizon, it will need more than just a weaker dollar for a sustained rally.
There are three key catalysts. One, apart from the dollar itself, it has to be lower or trade softer than it is right now. It’s been a big, big headwind for gold. I think that inflation as well, we have to do a little bit better on the inflation side, particularly if there’s an expected inflationary surprise.
And the last catalyst may be more geopolitical in nature or a major selloff in equities or bond markets.
Weekly Chart: Bearish.
The pair is below all main Moving Avarages. Trading in the lower Bollinger Bands.
Daily Chart: Bearish.
The pair is below all main Moving Avarages. Testing the median line of the Bollinger Bands.A daily closing in the lower Bollinger Bands will trigger the bearish move.
H4 Chart: Bearish
Gold ended week below EMA 50 and SMA 100. RSI headed south. 20 Days MA is the main support.
Hourly Chart: Bearish
Intraday Key Levels:
Upside: 1199.22 1203.15 1207.33
Downside: 1191.41 1187.50 1183.55 1179.69
Chart Patterns: A triangle pattern formation on the H4 Chart Timeframe. A Busted “Cup with Handle” pattern as well. On the smaller chart timeframes we see that Gold is trading in a rising channel and testing the lower line of the channel.
Our Comments: Shorter term, bearish pressure will continue as long as the Gold holds below 1208 USD.Bearish breakout of the triangle will trigger the downwards move targeting 1179 and 1158.
Trade Opportunities: We will focus on the triangle. Breakout of 1193.50 may carry the price 1188 and 1179. Entry alerts will be sent to members.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
XAUUSD Gold Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility