Will XAUUSD be able to surprise the market?
“Gold price stuck as the market waits for the next key data from the United States.”
Gold price oscillates near key resistance level as market participants awaits the latest inflation report from the United States. Previously, US inflation showed some depreciation, a possible reflection of recent rate hike aggressiveness from the US Federal Reserve. The data will play significant role in determining possible direction of Federal Reserve in terms of policy setting.
Quick recap on XAUUSD
XAUUSD recovered substantially following strong rebound from 1640.41.
XAUUSD Weekly Technical Analysis
From weekly perspective, XAUUSD failed to elevate further as upside momentum begins to diminish.
XAUUSD Daily Technical Analysis
From daily perspective, thin momentum as portrayed by MACD may suggest XAUUSD to oscillate within a tight range for the time being.
Trading Idea
ORDER: BUY STOP
ENTRY: 1820
STOP LOSS: 1790
Target 1: 1855
Target 2: 1870
ZFX Analyst’s Comment
While XAUUSD has higher tendency to experience short-term depreciation, overall structure remains skewed towards the upside for mid-term.
—
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
ZFX (Zeal Capital Market) is an FCA & FSA licensed online Forex & CFD broker providing more than 100 products for Forex, commodities, stock indices, and share CFDs. Open a trading account with min. USD 50 deposit and download our MT4 trading platform now!