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Gold dropped after reaching the 1,739 level. After its strong growth, the yellow metal was somehow expected to retreat a little. In the short term, it could test and retest the near-term downside obstacles before trying to come back higher. It was traded at 1,717 at the time of writing above today's low of 1,713.
Fundamentally, the US CB Consumer Confidence came in worse than expected at 95.7 points below 97.3 points expected. In addition, the New Home Sales and the HPI reported worse than expected data as well. Poor US economic figures helped XAU/USD to stay above critical support levels.
In the short term, it could change a little ahead of the FOMC. As you already know, the Federal Reserve is expected to increase the Federal Funds Rate by 0.75% again. This high-impact event could really shake the markets.
As you can see on the H1 chart, XAU/USD escaped from a major down channel signaling that the downside movement ended and that the rate could develop an upside reversal. After its strong rally, the yellow metal retreated.
The price action developed a down-channel pattern, a flag formation that could bring a new bullish momentum. Testing and retesting the 1,714 level and the weekly pivot point of 1,715, registering only false breakdowns may signal that the current retreat ended.
Staying above the 1,714 and making a valid breakout above the downtrend line and through the 1,728 activates further growth and could bring long opportunities. Also, false breakdowns with great separation below the 1,714 help the bulls to catch the new bullish momentum from the beginning.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।