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The price of gold rallied in the short term and now is trading at 2,012 and it seems determined to hit new highs after poor US data. You knew from my previous analyses that XAU/USD could develop a new swing higher after taking out the downtrend line.
Yesterday, XAU/USD crashed after the US reported positive data. Today, the yellow metal registered a strong growth as the USD took a hit from JOLTS Job Openings came in at 9.59M below 9.74M expected, while Factory Orders rose by 0.9% less compared to the 1.3% growth estimated.
Tomorrow, the FOMC, ADP Non-Farm Employment Change, and ISM Services PMI should bring high action.
Technically, XAU/USD found strong support and demand around the former lows and now it has turned to the upside. Its failure to reach and retest 1,971 announced exhausted sellers.
Now, it has jumped above the weekly R1 (2,007) and it challenges the 2,015 static resistance. Still, after its strong growth, a temporary retreat could be natural. The rate could try to test and retest the broken levels before extending its growth.
You knew from my previous analysis that XAU/USD signaled that the downside movement ended after passing above the downtrend line. The downtrend line retest was seen as the first buying opportunity.
Closing and consolidating above the weekly R1 (2,007) and above 2,015 should announce further growth. Confirming the breakout above these resistance levels represents a new buying opportunity with a potential target at 2,048.
*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।
